Florida Proposes Bill to Use Public Funds for Bitcoin Investment

The state of Florida in the United States is pushing a bill that allows the use of public funds for investing in Bitcoin (BTC).

According to The Block on the 7th (local time), Joe Gruters, a Republican state senator from Florida, has introduced a bill that would allow the state's Chief Financial Officer (CFO) to invest public funds in virtual assets (cryptocurrencies) like Bitcoin.

According to the bill, the Florida CFO can allocate up to 10% of state government assets, such as the General Revenue Fund, Budget Stabilization Fund, and Trust Fund, to Bitcoin investments. Funds operated by the State Board of Administration are also included as potential Bitcoin investment targets, and these investments are not subject to existing securities regulations.

Florida is already expanding its investments related to virtual assets. Last October, Jimmy Patronis, the Florida CFO, stated, "Florida holds about $800 million in virtual asset-related investments," and "the scale of Bitcoin investments could further expand in the future."