Byron Donalds Proposes That Florida Establish a Bitcoin Reserve

Byron Donalds, a US congressman and candidate for Florida's governorship, has proposed that the state establish a Bitcoin reserve

Byron Donalds, a US congressman and candidate for Florida's governorship, has proposed that the state establish a Bitcoin reserve.

In an interview with Fox Business on March 10, Donalds suggested that Florida should hold Bitcoin as part of its financial strategy, differentiating it from broader crypto investments.

“What I’m proposing in Florida is a Bitcoin reserve, not just a crypto reserve. Bitcoin has proven to be a holder of value over the long term,” he said.

The congressman highlighted Bitcoin's historical price appreciation, noting its rise from $500 in 2015 to over $80,000 today. He likened Bitcoin to gold, emphasizing its scarcity and potential role as a store of value.

suggest that the reserve could be funded through existing state surpluses rather than new tax revenue.

“We have a state pension fund that's investing in securities, and Bitcoin has the potential for long-term appreciation, similar to traditional assets,” Donalds said.

He also mentioned the concept of strategic oil reserves, suggesting that holding Bitcoin could serve as a financial hedge for the state.

His suggestions come amid President Donald Trump's recent executive order to establish both a Strategic Bitcoin Reserve and a Strategic Digital Asset Stockpile.

The president's directive follows proposals in Congress to introduce a U.S. government-backed stablecoin and regulate crypto at the federal level.

State-level initiative

Donalds' proposal comes as several other states are also considering Bitcoin as a reserve asset.

In late 2024, Pennsylvania introduced legislation to allocate up to 10% of its general and rainy-day funds into Bitcoin.

More than 20 other states have also proposed similar legislation, with Texas being the furthest along in adopting it fully. Meanwhile, some states, including Utah, have decided to forgo the reserve for now.

Although Florida has yet to take concrete steps toward establishing a Bitcoin reserve, Donalds' proposal signals growing interest among policymakers in digital assets as part of long-term financial planning.

The initiative's success may depend on the outcome of the state's upcoming gubernatorial race.