Florida's Bold Move: State Funds Eyeing Bitcoin Investment

Hang onto your hats, crypto fans! Florida's lawmakers are seriously mulling over a game-changing proposal that could see the state diving headfirst into the world of Bitcoin with public funds!

Get this: House Bill 487 is set to take center stage at a public hearing this Wednesday, April 10, in the Insurance & Banking Subcommittee. Just two days ago, on April 8, it was thrown into the mix for the subcommittee's agenda. Talk about fast-paced action!

If this bill gets the green light, Florida's Chief Financial Officer could be given the green light to throw up to 10% of the state's cash into Bitcoin (BTC). Can you imagine the impact that would have?

FLORIDA Update:

Bitcoin Reserve Bill HB 487 is scheduled for public hearing this Wednesday, in the Insurance & Banking Subcommittee

This will be the first public SBR hearing in Florida, since the bill was introduced two months ago. The buzz is real!

But wait, there's more! The bill doesn't just stop at investing; it lays down the law on how to store this digital gold, with strict rules on custody and lending. It even lets the CFO and other bigwigs loan out the Bitcoin from state funds. And get this, any taxes or fees paid in Bitcoin? They'll be swapped to U.S. dollars and dropped into the state's General Revenue Fund, which will then pay back the right state accounts in good ol' greenbacks.

And that's not all, folks! The bill also hands the Trustees of the State Board of Administration the power to play with System Trust Fund assets in the Bitcoin market. Plus, it gives these investments a free pass from some state security rules. Talk about a wild ride!

State Bitcoin Bills: A Nationwide Craze

But Florida's not the only state jumping on the Bitcoin bandwagon. Across the U.S., states are racing to set up their own Bitcoin reserves. Utah's already made some serious moves, with its Bitcoin Reserve Bill sailing through the House Economic Development Committee on January 28, 2025, and now it's just waiting for the Senate to give it a nod.

And the action doesn't stop there! Missouri, Arizona, Oklahoma, and Kentucky are all in the mix, chasing after similar dreams. Kentucky just became the 16th state to throw its hat in the ring with a Bitcoin reserve bill, joining the likes of Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming. It's a nationwide frenzy!

Back in Florida, HB 487, lovingly called the "Bitcoin Reserve Bill" by its die-hard fans, is making history as the first of its kind to hit a public hearing in the Sunshine State. Buckle up, because things are about to get exciting!