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Florida Senator Proposes Bitcoin Investment to Hedge Against Inflation Amid BTC Race

Florida Republican Senator Joe Gruters has introduced a bill advocating for the state to invest a portion of its funds in Bitcoin and other digital assets as a hedge against inflation. The proposal aligns with a growing trend among U.S. states exploring cryptocurrency investments. “The state should have access to tools such as Bitcoin to protect against inflation,” Gruters stated in the bill introduced to the Florida Senate on Feb. 7. He emphasized that inflation has significantly weakened the purchasing power of state-managed funds, making alternative investments necessary. Institutional Bitcoin Adoption on the Rise Gruters pointed to the growing acceptance of Bitcoin among major financial institutions as a key reason Florida should consider adding the digital asset to its investment strategy. He cited firms such as BlackRock, Fidelity, and Franklin Templeton, which have embraced Bitcoin as a “hedge against inflation” and recognized its rising value and increasing global acceptance. To facilitate this, the bill proposes granting Florida’s chief financial officer, Jimmy Patronis, the authority to allocate Bitcoin investments across various state-managed funds, including the general reserve fund, the budget stabilization fund, and select agency trust funds. However, the bill includes a safeguard to limit Bitcoin holdings in any account to a maximum of 10%. This threshold is notably higher than Wyoming’s recent proposal, which caps Bitcoin allocations at 3%. The proposal follows a push from Patronis himself, who previously urged the Florida State Board of Administration to consider integrating Bitcoin into the state’s retirement fund investments. In an Oct. 29 letter, he highlighted Bitcoin’s potential to “diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.” A Growing Trend Among U.S. States Florida’s move comes amid a broader wave of state-level interest in Bitcoin reserves. Just one day before Gruters’ bill was introduced, Kentucky became the 16th U.S. state to propose legislation aimed at establishing a Bitcoin reserve. Kentucky State Representative Theodore Joseph Roberts introduced KY HB376 on Feb. 6, a bill that, if passed, would authorize the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin. With multiple states now considering Bitcoin as part of their investment portfolios, the push for cryptocurrency adoption at the government level continues to gain traction. Whether Florida’s bill moves forward remains to be seen, but the discussion around digital assets in state funds is unlikely to slow down anytime soon. Bitcoin.com

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Top US Crypto Exchange Coinbase Adds Three New Altcoins to Its Listing Roadmap

Coinbase added three relatively new altcoins to its listing roadmap on Friday, putting the tokens on the potential path toward trading on the top US digital asset exchange. The firm could soon support Morpho ( MORPHO ), Popcat ( POPCAT ) and Pudgy Penguins ( PENGU ). Morpho is a decentralized lending protocol built on the Ethereum ( ETH ) blockchain. The project’s native token launched in June 2022 and is trading at $1.81 at time of writing. The 188th-ranked crypto asset by market cap is down nearly 2% in the past 24 hours. Popcat is a Solana ( SOL )-based memecoin that launched in December 2023. The 289th-ranked crypto asset by market cap is trading at $0.213 at time of writing and moved sideways in the past day. Pudgy Penguins is a non-fungible token (NFT) project. The project’s utility token, PENGU, launched in December and is trading at $0.00987 at time of writing. The 127th-ranked crypto asset by market cap is down more than 8% in the past 24 hours. Being added to Coinbase’s listing roadmap means that the crypto exchange is considering adding trading support for the asset in the near future. The roadmap was created in 2022 to increase transparency and reduce the possibility of investors frontrunning new trading support announcements, according to Coinbase. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Top US Crypto Exchange Coinbase Adds Three New Altcoins to Its Listing Roadmap appeared first on The Daily Hodl . Bitcoin.com