The state of Florida in the United States is preparing a bold initiative — establishing a state-level Bitcoin reserve fund. According to the latest developments, the state plans to allocate part of its fiscal funds into Bitcoin holdings through relevant legislation by 2026.

This is not Florida's first attempt. As early as 2019, the state proposed a similar plan, but it ultimately failed to pass. The restarted proposal is more explicit — locking Bitcoin as the sole reserve asset. According to the proponents, this is a well-considered choice, mainly due to Bitcoin's network effects and censorship resistance.

If the legislation succeeds, Florida will become the first U.S. state to have a Bitcoin treasury, a move that is sure to attract market attention. From the perspective of the mining industry chain, such policies could positively impact the mining ecosystem — government-level demand could further reinforce Bitcoin's value consensus.

Of course, this plan faces practical challenges. First, federal policy constraints and opposition from traditional financial institutions could be obstacles. Second, the volatility of Bitcoin prices poses asset risks that the state government needs to consider. Third, pushing such issues during an election cycle may inevitably carry political implications — after all, the influence of crypto advocates in Florida should not be underestimated.

From a global perspective, this reflects some U.S. state governments' exploratory attitude toward crypto asset allocation. In comparison, El Salvador has already incorporated Bitcoin into its national reserves. Whether Florida's move can break the conservative stance of U.S. states on cryptocurrencies remains to be seen through the legislative process. The market remains cautious, but the expectations of the mining and holding communities have already significantly increased.