Why Is Bitcoin Up Today? BTC Climbs Past $83K As Florida Passes Historic Bitcoin Reserve Bill
Bitcoin (CRYPTO: BTC) is climbing ahead of the weekend, trading around the $83,000 mark after bouncing from intraday lows around $78,953 Friday morning. The 4% gain comes as a new wave of institutional and government interest bolsters the crypto market’s confidence, with Florida taking a major legislative step toward creating a state-level Bitcoin reserve.
Florida Passes Bitcoin Reserve Bill With Unanimous Support
The key catalyst behind Bitcoin’s Friday rally is the Florida House Insurance and Banking Subcommittee’s unanimous approval of HB 487, a bill that would allow the state to allocate up to $1.5 billion in public funds into Bitcoin.
It marks a historic moment for the crypto industry, making Florida the first U.S. state to advance a Bitcoin reserve bill through committee without a single vote against.
The bipartisan nature of the decision and its proposed scale have surprised many in both political and financial circles. Florida’s move positions it at the front of an emerging race among U.S. states to build sovereign digital asset reserves.
Republican Representative Webster Barnaby, the bill’s sponsor, argued that the legislation would put Florida “on the leading edge of this very …
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