- Florida’s Bitcoin Bill unanimously passed Insurance & Banking Subcommittee
- Despite skepticism, Webster Barnaby played a key role
- The bill calls for investing $1.5 billion of Florida’s public funds in Bitcoin
Despite initial skepticism, state sponsor Webster Barnaby and other co-sponsors achieved a bipartisan positive vote – Florida’s Bitcoin Bill unanimously passed the Insurance & Banking Subcommittee. It proposes investing $1.5 billion of Florida’s public funds in Bitcoin, but for this to become a reality there will still need to be a vote in the entire Florida House as well as the Senate. However, such a unified rush of approval amid record volatility in crypto and other markets may signal that Bitcoin’s strategic priority remains in place.
More About Florida’s Bitcoin Reserve Bill
Florida is moving forward with the Bitcoin Reserve, and Bitcoin bill passed during one of the most challenging periods for the crypto market and markets in general, caused by Donald Trump’s trade war. This makes Webster Barnaby’s initiative even stronger, and momentous, and positions Bitcoin even more strongly as a strategic asset many prioritize over volatility.
It also adds to the overall pro-Bitcoin movement in the US, and while Florida isn’t leading the way in that sense – the states that are joining are increasingly so. Still, it seems to be the first state in which the pro-Bitcoin vote has unanimously passed, and yet many states have done so under more favorable conditions.
Conclusion
Pretty good news, and admittedly a bit unexpected against the backdrop of the general political and market conditions. Let’s see if this bill will move forward as intensively and unanimously at other stages. Be aware, and always assess the situation comprehensively, diversify risks, and adapt your strategy to daily changes.
