Florida governorship candidate Rep. Byron Donalds has promised to support the establishment of a Strategic Bitcoin Reserve (SBR) in the state if elected. Donalds, a Republican representing the Florida 19th congressional district in the House of Representatives, disclosed this on FOX.
According to Donalds, Bitcoin should be part of the state portfolio because it is a store of value and a hedge against inflation. He noted that Miami-Dade already has a booming digital assets market, and he wants to build on this to ensure that Florida becomes a global financial hub.
He said:
“It’s really proven to be a great holder of value and of wealth. And if we incorporate that into our state’s balance sheet, it could be something that will help us weather any potential future storms economically in the future.”
Donalds’ opinion is unsurprising, as the Congressman is known for his pro-crypto stance. Still, the fact that he is pushing for the state to have a Bitcoin reserve was enough to generate interest from industry stakeholders, including VanEck’s head of digital assets research, Matthew Sigel, who observed that “he brought up the topic unprompted.”
Other stakeholders have also highlighted the statement as a bullish sign, with the CEO of Satoshi Act Fund, Dennis Porter, noting that “the next possible Governor of Florida is ready to add Bitcoin to the balance sheet.”
However, the Congressman is not just running on a crypto agenda. He also plans to make Florida the most business-friendly state while highlighting other goals, including improving educational standards, reducing insurance costs, and strengthening the state’s environmental protections.
While Donalds is not the only one contesting for the Republican ticket, the Congressman enjoys the support of President Donald Trump, who has openly praised him in the past. Florida governor’s wife, Casey DeSantis, is also reportedly interested in running.
More states are making progress with SBR
Meanwhile, the movement to establish an SBR in Florida is currently being reviewed in the state’s legislative House, which means the state could create a Bitcoin Reserve even if Donalds is not elected. The SB550 would allow the Florida Chief Financial Officer to invest as much as 10% of the state’s funds in BTC.
Aside from Florida, several other states are making efforts to create an SBR. The Texas Senate is set to vote on its SBR bill, SB21, by Wednesday, March 5. If the law passes, it would head to the House of Representatives.
However, Utah could become the first state to have a law enabling the creation of an SBR with a final vote at the House level set for a final vote on Friday. Porter noted that whether Utah will pass the law is a 50-50 chance, but other states are ready to make the move if it does not.
Beyond the Utah bill, 25 other SBR bills are currently active in 19 states out of 32 bills introduced by 24 states, highlighting how the movement has become very active at the state level in the US. States that have already rejected the SBR bill include Wyoming, North Dakota, South Dakota, and Montana.
Interestingly, SBR is not the only pro-Bitcoin movement at the state level. Overall, there are more than 70 pro-Bitcoin bills in 33 states throughout the US.
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