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Florida’s Bitcoin Fantasy Collapses: What It Means for State-Led Crypto Dreams

BBG News
  • Florida’s Bitcoin treasury bills were pulled without the usual fanfare of a floor vote.
  • North Carolina is boldly walking the digital asset tightrope with a new bill.

In a plot twist that would have made even Bulgakov raise an eyebrow, Florida’s grand, mystical plan to weave Bitcoin into its state treasury has evaporated into thin air, like a bad dream after waking up. 💤

Two bills—HB 487 and SB 550—billed as the heralds of a new era, where the state would embrace the magical world of Bitcoin, were quietly pulled from the legislative table just as the session wrapped up on May 3rd. The state’s brave leaders never even bothered to let the bills face the scrutiny of a floor vote. Poof! Just like that, it was all over. 🎩✨

These measures, which proposed funneling up to 10% of certain public funds into Bitcoin, were swiftly and silently postponed. And just like that, the dream of Florida becoming a Bitcoin-powered utopia ended with barely a whimper.

Bitcoin Laws, a sage researcher of the Bitcoin legislation world, took to X (the platform formerly known as Twitter, where all good ideas go to die) and shared this rather poetic reflection:

“The legislature adjourned its 2025 session on May 2, without passage of the bills.”

The Great Bitcoin Reserve Exodus Continues

Florida’s retreat places it squarely on the growing list of states that had once toyed with the idea of crypto reserves but now have little more to show for their efforts than a few half-baked proposals. States like Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma have all withdrawn into their shells, much like the proverbial tortoise hiding from the harsh sun. 🐢

Despite all the speculation about the federal government eventually joining the crypto party, the states are hardly rushing to open the door. Polymarket data remains unwavering: there’s a 0% chance that Donald Trump will establish a national Bitcoin reserve within his first hundred days—because, you know, anything can happen, but this certainly won’t. 😜

Meanwhile, the forecast for a U.S. Bitcoin reserve by 2025 still holds a glimmer of hope, with a 59% probability that it might actually happen. The crypto world clings to that optimism like a lifeline in a stormy sea. 🌊

Arizona, the state that once looked like it might lead the charge, had its own brush with greatness before Governor Katie Hobbs slammed the door shut on House Bill 1025. In an unexpected move, she vetoed the bill on May 3rd, citing the “untested” nature of digital assets. Well, we can’t have retirement funds being used as a playground for digital novelties, can we?

“Retirement funds are not the place to experiment with untested assets,” Hobbs wisely declared.

The bill would have allowed Arizona to convert seized assets into Bitcoin, positioning the state as a potential front-runner in the government-backed crypto reserve race. Alas, the dream was cut short—again. 🏁

The Lone Wolf: North Carolina Steps Up

But fear not, dear reader, for not all hope is lost! While many states cower in the face of crypto uncertainty, North Carolina is stepping boldly into the unknown with a bill that could make it the darling of the digital asset world. 💪

North Carolina’s House of Representatives recently passed the “Digital Assets Investment Act” (HB92) by a rather decisive vote of 71–44. If passed, this bill would allow the state treasurer to invest up to 5% of certain public funds into approved digital assets. Of course, these assets must meet rigorous custody and compliance requirements, because apparently, even North Carolina knows there are some limits. 😉

So, while other states retreat like cowards, North Carolina charges forward, embracing the world of crypto with open arms. Will it succeed? Time will tell, but for now, it’s leading the charge in government-backed crypto investments. 🏆

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2025-05-06 23:01

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