The gubernatorial candidate aims to protect state finances with a Bitcoin reserve, citing concerns over federal monetary policy.
Byron Donalds, U.S. Congressman and gubernatorial candidate for Florida, has proposed establishing a Bitcoin reserve for the state’s treasury.
In an interview with Fox Business on March 10, Donalds expressed his desire to make Florida a holder of bitcoin. According to the candidate, this move would help protect the long-term financial health of the state, especially in light of growing concerns about federal monetary policy.
Donalds stated:
“What I’m proposing in Florida is a Bitcoin reserve, not just a cryptocurrency reserve. Cryptocurrencies include various currencies in a basket. Bitcoin has proven to be a store of value over the long term.”
He compared Bitcoin to gold, highlighting how it retains its value due to its limited supply of 21 million units. He also criticized the Federal Reserve’s monetary policies, arguing that excessive money printing weakens the purchasing power of the dollar in the long run. The Congressman stated:
“Considering how the Federal Reserve prints dollars due to Congress’s reckless inability to control spending over time. Having a Bitcoin reserve as part of the state’s portfolio helps ensure value for the state in the long term.”
Regarding whether taxpayer money should be used to acquire bitcoin, Donalds suggested that the reserve could be funded with existing budget surpluses. “This isn’t about new fiscal dollars going out,” he explained, adding that the methods by which Florida would acquire bitcoin for the potential reserve are still to be decided.
