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TAMPA, Fla. (WFLA) – Tampa Bay lawmakers introduced the bill Friday, allowing Florida’s chief financial officer to invest state funds in Bitcoin.
The bill, introduced by Senator Joe Gluters (R-Sarasota), uses cryptocurrencies to “act as a valuable store, providing hedges against inflation, thereby protecting the purchasing power of national funds.” You can do it.
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Funds that can be invested in Bitcoin are permitted to come from the General Income Fund, the Budget Stabilization Fund, and other trust funds and funds from the institutions and the judicial division. However, CFOs are not allowed to invest more than 10% of money into any account.
He or she should also ensure that the investment matches the state’s “economic security and financial resilience.” Additionally, CFOs should be able to respond to changing conditions and assess opportunities that could provide better protection or returns.
“The state does not directly control the country’s money supply or policies that affect inflation, but it is responsible for protecting Florida’s financial resources against the effects of inflation and other economic uncertainties,” the bill said. states.
Gluters was approved by President Donald Trump to become Florida’s next CFO after Jimmy Patronis descended to run for Congress.
The bill points to the value explosion since Bitcoin was first introduced.
As of Friday afternoon, Bitcoin was valued at around $97,000, surpassing the $100,000 mark three times in the past few months. Over the past six months, Bitcoin’s value has increased by 71%.
