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HB 487

Investments of Public Funds in Bitcoin

2025 Regular Session Introduced by Webster Barnaby and 1 co-sponsor

Florida bill allowing state and local governments to invest public funds in Bitcoin died in committee after volatility and fiduciary duty concerns.

Died in Government Operations Subcommittee
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Bill Summary · HB 487

Legislative bill overview

HB 487 would have authorized Florida's state and local governments to invest public funds directly in Bitcoin and other cryptocurrencies. The bill died in the Government Operations Subcommittee after being indefinitely postponed in May 2025, following initial favorable passage through the Insurance & Banking Subcommittee in April.

Why is this important

This proposal raises fundamental questions about fiduciary responsibility, risk management, and appropriate uses of taxpayer money. Bitcoin's extreme price volatility and speculative nature contrast sharply with traditional conservative investment strategies for public pension funds and government reserves, which typically prioritize capital preservation and stable returns.

Potential points of contention

  • Fiduciary duty concerns: Government officials have legal obligations to invest public funds prudently; Bitcoin's volatility may conflict with that responsibility
  • Taxpayer risk exposure: Direct cryptocurrency holdings expose state budgets to extreme market swings that could impact essential services funding
  • Regulatory uncertainty: Federal cryptocurrency regulation remains in flux, creating unclear tax and compliance implications for government entities
  • Precedent and scope creep: Approving crypto investments might encourage riskier speculative positions rather than diversified, stable asset allocation

Compiled from official sources — confirm details with the bill’s official record.

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