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Florida and North Carolina have introduced bills to earmark certain amounts of state reserves into Bitcoin.
The latest in a rising number of states looking into digital asset investments, Florida and North Carolina have both started movement on bills that would allocate certain state funds to Bitcoin. In Florida, Senator Joe Gruters introduced SB 550, a bill named ‘Investments of Public Funds in Bitcoin.’
The bill seeks to grant Florida’s CFO the power to put up to 10% of state-managed reserves into Bitcoin, including the General Revenue Fund, Budget Stabilization Fund, and various state trust funds. As well as the 10% limit, there are also guidelines on investment limits, regulatory compliance, and secure Bitcoin custody to outline how cryptocurrency can be integrated into the state’s finances.
In North Carolina, the HB 92 bill focuses on allowing investments in exchange-traded products related to cryptocurrencies with a market value of over $750 billion. That includes state-managed investments, such as pensions for teachers and state employees, insurance funds, and trust funds for veterans.
So far, the NC bill has been backed by Representative Destin Hall, as well as Mark Brody and Steve Ross, two long-term supporters of Bitcoin.
Bitcoin beyond state reserves
This earmarking of digital currencies for state reserves is part of a wider push across the US government to integrate cryptocurrencies more closely into financial strategies. It’s perhaps no surprise that this shift is happening under President Trump, who has his meme coin.
Some supporters of such plans believe that investing in Bitcoin could help fight against inflation and reinforce the country’s digital economy. The presence of such bills at the state level is also thought to influence trickle-down Bitcoin strategies at a local level.
VanEck’s Head of Research, Matthew Sigel, took to X to suggest that Trump could create a National Bitcoin Reserve in the first year of his presidency.
“With a Strategic Bitcoin Reserve, the US will ensure dominance in energy infrastructure, AI and Bitcoin simultaneously,” he wrote.”
Betting odds show a 51% chance that Trump will create a National Bitcoin Reserve this year, and journalists are calling for comment.
My thoughts: Why is it a good idea? A Bitcoin reserve can send a symbolic message of leadership and innovation while providing a financial hedge… pic.twitter.com/5X3oqBKpsj
— matthew sigel, recovering CFA (@matthew_sigel) February 7, 2025
Featured image: Midjourney
