- Florida advances Senate Bill 550 to allocate 10% of public funds into Bitcoin.
- North Carolina leads U.S. states in passing strategic Bitcoin reserve legislation, with 11 bills introduced.
As discussions about a Strategic Bitcoin [BTC] Reserve gain traction in the U.S., several states are already exploring ways to integrate Bitcoin into their financial systems.
Florida’s Bitcoin Reserve push
Florida is emerging as a frontrunner, with lawmakers advancing Senate Bill 550, aimed at incorporating Bitcoin into the state’s public investment strategy.
Introduced by Senator Joe Gruters, the bill seeks to authorize Florida to allocate up to 10% of specific public funds into Bitcoin. This positions Bitcoin as a hedge against inflation and a means of increasing financial autonomy.
The Florida Bill SB 550 proposal noted,
“Throughout its history, Bitcoin has greatly risen in value and is becoming more widely accepted as an international medium of exchange, and countries around the world, including the United States, hold Bitcoin within their treasury departments […]
The bill further noted,
Bitcoin is viewed as a hedge against inflation by sovereign nations and prominent investment advisors, including BlackRock, Fidelity, and Franklin Templeton […] The state should have access to tools such as Bitcoin to protect against inflation.”
If enacted, the legislation would empower the state’s Chief Financial Officer to manage Bitcoin holdings through qualified custodians, exchange-traded products, or direct ownership.
Beyond its potential economic benefits, the initiative signals a broader shift toward Bitcoin adoption at the state level, reinforcing its role as a viable asset.
Other states joining the trail
Florida isn’t alone in its Bitcoin push, as interest in cryptocurrency adoption is growing beyond U.S. borders.
North Carolina and South Dakota are also actively exploring Bitcoin investments, joining a growing list of states considering digital asset reserves.
In North Carolina, the House Speaker’s staff recently engaged with industry advocate Dan Spuller, who asserted that the state aims to secure the “top spot” in Bitcoin reserves.
Meanwhile, South Dakota Representative Logan Manhart is pushing for legislative action, emphasizing that “now is one of the few chances government has at being proactive.”
Hence, with at least 18 states currently assessing Bitcoin investments, the momentum for state-level adoption of cryptocurrency continues to build.
That being said, a recent Reuters report highlights a surge in crypto usage across South America, particularly in Brazil, where digital assets are playing an increasingly prominent role in financial transactions.
Gabriel Galipolo, Brazil’s Central Bank Chief, noted that the country has witnessed a significant rise in cryptocurrency adoption over the past three years, with stablecoins emerging as the preferred choice for payments.
While this reflects a shift toward decentralized financial systems, it also raises concerns among regulators regarding oversight and financial stability.
Speaking at an event in Mexico City, Galipolo emphasized the need for a balanced regulatory framework to address these challenges while fostering innovation in the digital asset space.
He said,
“Most of that is to buy things and to shop things from abroad. [This] maintains some kind of opaque vision for taxation or for money laundering.”
What about Utah?
Thus, as the momentum for state-backed Bitcoin reserves gains traction, Utah is emerging as one of the top states in passing formal legislation on the matter.
In fact, Dennis Porter, CEO of Satoshi Act Fund, recently suggested that Utah could be the first state to successfully implement such a policy.
Additionally, in a discussion with “Simply Bitcoin” and Senator Cynthia Lummis, Porter revealed that 11 states have already introduced bills to establish strategic Bitcoin reserves, with expectations that this number could rise to 15 by year-end.
This growing interest underscores a broader shift toward Bitcoin’s role in state financial strategies, signaling a potential wave of adoption that could reshape traditional investment models across the U.S.
