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Notably, the legislation establishes a cap on Bitcoin investments, limiting them to 10% of total funds in each account. If enacted, this could allow Florida to allocate significant funds—potentially around $1.5 billion—into Bitcoin investments.
Broader Implications for State Financial Strategy
Should SB550 be passed into law, it would enable Florida not only to invest in Bitcoin but also to accept taxes and fees in this digital currency. While payments would be converted into U.S. dollars for deposit into the state's General Revenue fund, this provision signifies a broader acceptance of digital currencies in everyday financial transactions.