Florida Invests in Bitcoin: State Allocates Funds for Digital Asset

Florida has taken a significant step forward in embracing Bitcoin by passing HB 487, which allocates up to 10% of its state reserves directly to the digital asset. This groundbreaking move comes as other states, such as Arizona and New Hampshire, explore similar strategies for incorporating Bitcoin into their fiscal planning. The bill passed with unanimous support from the House Committee on April 10, marking a pivotal moment in the adoption of cryptocurrencies at the state level. 10% of funds will be invested in Bitcoin, primarily from the General Revenue Fund and Budget Stabilization Fund – vital resources for Florida’s overall financial stability.