Trump’s America First movement is spreading from Washington, D.C. to state capitals.
One state wants to lead the pack on financial innovation.
And a Florida lawmaker dropped one bill that has crypto investors cheering.
Florida Republican proposes major Bitcoin investment strategy
Florida wants to beat other states to the punch on cryptocurrency.
State Representative Webster Barnaby dropped House Bill 183 in October — Florida’s first Strategic Bitcoin Reserve proposal for the 2026 legislative session.¹
The bill lets Florida’s Chief Financial Officer and the State Board of Administration put up to 10% of certain public funds into digital assets.²
Bitcoin, exchange-traded products, tokenized securities, even non-fungible tokens — Barnaby’s casting a wide net.
Barnaby’s proposal comes after President Trump signed an executive order in March 2025 establishing a federal Strategic Bitcoin Reserve.³
The Florida Republican wants to modernize the state’s investment approach while maintaining strict custody requirements and regulatory oversight.
"I am proud to be running this bill to place Florida on the cutting edge of financial technology, and to set the example for other states to follow," Barnaby stated.⁴
The legislation would allow the Florida Retirement System Trust Fund to diversify into digital assets, giving traditional pension funds regulated access to cryptocurrency markets.
If enacted, HB 183 takes effect July 1, 2026.⁵
States racing to grab Bitcoin reserves first
Florida’s jumping into a crowded field.
At least 15 states rolled out Strategic Bitcoin Reserve bills during 2024 and 2025 — Pennsylvania, Ohio, Texas, New Hampshire, Arizona, the list keeps growing.⁶
Wisconsin’s getting serious about this. The State Investment Board went from $163 million in Bitcoin ETFs early last year to $321 million by December.⁷
Michigan’s retirement system dropped $18 million into Bitcoin exchange-traded funds after the SEC finally approved these products in January 2024.⁸
Bitcoin cracked $100,000 for the first time last December, riding the wave of Trump’s pro-crypto campaign promises.⁹
Supporters pitch Bitcoin as an inflation hedge — basically gold, but digital and with way more upside potential.
ARK Invest and 21Shares ran the numbers in 2024. A 5% Bitcoin allocation in a standard investment portfolio could juice annual returns by over 3%.¹⁰
The fixed supply angle matters here — only 21 million coins will ever exist, which makes Bitcoin attractive when governments keep printing dollars.
Pension fund managers aren’t sold yet. Bitcoin’s wild price swings make them nervous when their job is delivering steady, predictable returns.
The Government Accountability Office warned that cryptocurrency has "uniquely high volatility" and that no standard approach exists for projecting future returns.¹¹
Keith Brainard, research director for the National Association of State Retirement Administrators, expressed skepticism about widespread pension fund adoption.
"There might be a bit of dabbling in bitcoin," Brainard said. "But it’s difficult to envision a scenario in which pension funds right now are willing to make a commitment."¹²
Louisiana Treasurer John Fleming, who implemented cryptocurrency payment systems for state agencies, said he would never invest state funds in digital assets.
"My concern is that at some point it’ll stop growing and then people will want to cash in," Fleming explained. "And when they do, it could tank the value of a bitcoin."¹³
Trump cleared the path for state crypto moves
Florida’s bill follows Trump’s lead on cryptocurrency.
Trump didn’t waste time after taking office — he appointed the first Senior Advisor for AI and Crypto in January 2025 and ordered up an Artificial Intelligence Action Plan.¹⁴
The federal Strategic Bitcoin Reserve gets funded with Bitcoin the Treasury grabbed through criminal and civil forfeitures. Smart move — use the crypto seized from bad actors to build the reserve.
Trump’s policies eliminated regulatory overreach that hindered innovation during the Biden-Harris years.
https://twitter.com/UmarMubashirT/status/1979045243539333385
The administration hosted the first-ever crypto summit at the White House, and Trump became the first president to make a purchase using Bitcoin in 2024.¹⁵
"Bitcoin isn’t just digital gold—it’s a strategic asset that safeguards taxpayer dollars from fiat erosion," Representative Barnaby said.¹⁶
HB 183 requires all digital assets to be held by the CFO’s office, a licensed custodian, or through an SEC-registered ETF to ensure regulatory compliance.
HB 183 also lets Florida residents pay certain taxes and fees in digital assets — though everything gets converted to dollars before hitting state accounts.
Florida’s been building toward this moment. The state created an Office of Fintech Policy back in 2023 and rolled out a Financial Technology Sandbox program in 2025.¹⁷
Barnaby actually tried this once before. He filed HB 487 earlier in 2025, but that version focused only on Bitcoin and died in June.¹⁸
The new bill learned from that failure. It covers more types of digital assets and includes tougher custody rules, better documentation requirements, and stronger fiduciary standards.
States see what’s happening. Every capital wants to become the next cryptocurrency hub, and the competition’s heating up fast.
Arizona, New Hampshire, and Texas already enacted similar frameworks authorizing Bitcoin reserves.¹⁹
Florida’s clear legal framework and pro-innovation stance could accelerate capital inflows and make it one of the most competitive crypto jurisdictions in America.
Julian Fahrer, founder of Bitcoin Laws, said more states now view Bitcoin as both a hedge and a liquidity tool.
"Florida wants to lead this growing trend," Fahrer stated.²⁰
The 2026 legislative session begins January 13, and HB 183 awaits committee hearings before advancing to the Senate for debate.
¹ Prashant Jha, "Florida Bitcoin Reserve Bill 2026: Aiming to Invest 10% of State Funds in Crypto," Coinpedia, October 17, 2025.
² Sangho Hwang, "Florida Moves to Legalize Bitcoin Investments in State Funds," BeInCrypto, October 16, 2025.
³ Ibid.
⁴ COINOTAG, "Florida HB 183 May Allow Up to 10% Bitcoin Allocations in State Funds," Bitcoin Ethereum News, October 17, 2025.
⁵ Sangho Hwang, "Florida Moves to Legalize Bitcoin Investments in State Funds," BeInCrypto, October 16, 2025.
⁶ Prashant Jha, "15 states are considering a strategic Bitcoin reserve: Here’s what you need to know," Fortune Crypto, January 31, 2025.
⁷ COINOTAG, "Institutional Adoption of Bitcoin ETFs and the Strategic Case for Crypto in Pension Portfolios," AI Invest, August 6, 2025.
⁸ Marc Levy, "2024 was big for bitcoin. States could see a crypto policy blitz in 2025," Courthouse News Service, December 16, 2024.
⁹ Marc Levy, "States could see a crypto policy blitz in 2025 in spite of the risks," The Morning Call, December 16, 2024.
¹⁰ COINOTAG, "Institutional Adoption of Bitcoin ETFs and the Strategic Case for Crypto in Pension Portfolios," AI Invest, August 6, 2025.
¹¹ Marc Levy, "States could see a crypto policy blitz in 2025 in spite of the risks," The Morning Call, December 16, 2024.
¹² Ibid.
¹³ Ibid.
¹⁴ "Technology & Innovation," The White House, 2025.
¹⁵ Ibid.
¹⁶ BitDegree News Team, "Florida Introduces Bill to Include Bitcoin in Public Funds," Bitcoin Ethereum News, October 17, 2025.
¹⁷ COINOTAG, "Florida HB 183 May Allow Up to 10% Bitcoin Allocations in State Funds," Bitcoin Ethereum News, October 17, 2025.
¹⁸ Anna Baydakova, "Florida lawmaker reboots crypto reserve bill after the first one flopped," Cointelegraph, October 17, 2025.
¹⁹ Sangho Hwang, "Florida Moves to Legalize Bitcoin Investments in State Funds," BeInCrypto, October 16, 2025.
²⁰ Prashant Jha, "Florida Bitcoin Reserve Bill 2026: Aiming to Invest 10% of State Funds in Crypto," Coinpedia, October 17, 2025.
