Several states in the United States may be ahead of the federal government in establishing Bitcoin reserves
According to DLNews, driven by the expectation of Trump's return to the White House and the establishment of a national Bitcoin reserve, states across America are actively promoting state-level Bitcoin reserve plans. With its pro-cryptocurrency policy environment and support from the Florida Blockchain Business Association (FBBA), Florida plans to establish a Bitcoin reserve as early as the first quarter of 2025. FBBA Chairman Samuel Armes stated that with sufficient budget surplus in the state, if only 1% of pension funds were invested in Bitcoin, it would amount to $1.85 billion.
In November 2024, Pennsylvania proposed the "Strategic Bitcoin Reserve Act", suggesting investing up to 10% of state government general funds into Bitcoin. The co-sponsor of this bill and State Representative Mike Cabell said that this forward-looking move aims at diversifying investment portfolios and hedging against inflation risks. Some states adopt more conservative strategies by investing in crypto ETFs. Michigan's latest SEC filing shows that it holds $11 million worth ARK 21Shares' bitcoin ETF while also holding 920k shares in two Grayscale Ethereum trusts valued over $33 million dollars. Wisconsin Investment Board holds over $220 million worth Grayscale and BlackRock bitcoin ETF shares. As these state reserves progress, senators like Cynthia Lummis have called for establishing federal bitcoin reserves.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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