Bitcoin reserves fuel a state-level showdown for the ‘top spot’

Donald Trump’s embrace of Bitcoin — including his call for a strategic Bitcoin reserve — has set off a wave of state-level initiatives to integrate the leading cryptocurrency into public investment strategies.

Florida is pushing ahead with plans to integrate Bitcoin into its public investment strategy, as lawmakers introduce Senate Bill 550.

The bill, sponsored by Senator Joe Gruters, would authorise the state to allocate up to 10% of certain public funds into Bitcoin, citing its potential as a hedge against inflation.

If passed, the measure would allow Florida’s Chief Financial Officer to hold Bitcoin through qualified custodians, exchange-traded products, or direct ownership.

Florida isn’t alone in this push. Arizona’s legislature is also moving forward with a proposal to establish a state Bitcoin reserve.

The Strategic Bitcoin Reserve Act, led by Senator Wendy Rogers and Representative Jeff Weninger, recently saw approval from the Arizona Senate Finance Committee.

The bill, now under review by the Senate Rules Committee, would enable state agencies and public funds to store Bitcoin in a designated reserve.

It also proposes allowing pension funds to gain Bitcoin exposure amid growing interest in crypto-backed savings options.

North Carolina and South Dakota are also in the exploratory phases. North Carolina’s House Speaker staff recently met with industry advocate Dan Spuller, who claimed the state intends to take the “top spot” in Bitcoin reserves.

Meanwhile, South Dakota Representative Logan Manhart announced plans to introduce a bill, arguing that “now is one of the few chances government has at being proactive.”

There are currently at least 18 states exploring Bitcoin investments.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.