Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Florida State CFO Suggests Incorporating Bitcoin into Pension Funds, Refers to BTC as ‘Digital Gold’
Florida’s Chief Financial Officer Jimmy Patronis has promoted the idea of establishing a strategic Bitcoin reserve, advocating for its integration into state pension funds.
Earlier this month, Patronis sent a letter to Chris Spencer, Executive Director of the State Board of Administration. In this correspondence, he requested a report assessing the feasibility, risks, and advantages of “allocating a portion of state retirement system funds into a digital asset class.”
There’s no telling what the future of #cryptocurrency will be, but FL must stay ahead of the curve on getting the best returns for Floridians. Today, I sent a letter to @FloridaSBA requesting a report on digital currencies. #BTC #Bitcoin
Read more: https://t.co/4JBL6WBtq1
— Jimmy Patronis (@JimmyPatronis) October 29, 2024
“This report should be provided to the Board of Trustees to better inform lawmakers before the next legislative session.”
Patronis highlighted that the goal is for Florida to remain proactive in exploring new investment opportunities and to ensure optimal returns for its residents.
According to a release on Tuesday, Patronis emphasized that Bitcoin is akin to “digital gold,” which could aid in diversifying the state’s investment portfolio. He noted that it would serve as a reliable hedge against the fluctuations of other significant asset classes.
Moreover, Patronis indicated that his letter follows former President Donald Trump’s suggestion for a national cryptocurrency stockpile. In a recent address at the Bitcoin 2024 convention, Trump pledged to position the U.S. as the global leader in cryptocurrency.
Florida’s State Board of Administration oversees more than 30 funds, including the Florida Growth Fund, which facilitates more innovative and emerging investments. Additionally, the Florida Retirement System Trust Fund has approximately $205 billion in assets under management as of last month.
Related Posts
In his letter, Patronis proposed that the Administration establish a Digital Currency Investment Pilot Program within the Florida Growth Fund.
“When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians. This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling.”
Florida to Follow Wisconsin and Michigan in Adding Crypto to Retirement Funds
In May, the State of Wisconsin Investment Board (SWIB), the ninth largest pension fund in the U.S., acquired $99 million worth of Bitcoin.
The 9th largest pension fund in the United States just bought $99 million dollars worth of #bitcoin https://t.co/hHOk8tGM6I pic.twitter.com/quzCXGOG81
— Pledditor (@Pledditor) May 14, 2024
SWIB is the first pension fund to publicly disclose its Bitcoin holdings. Meanwhile, there are political initiatives aimed at encouraging other states to invest in Bitcoin ETFs.
For example, Ohio state Rep. Steve Demetriou has introduced pro-crypto legislation that would require Ohio retirement systems to assess Bitcoin ETFs.
Additionally, the State of Michigan Retirement System has allocated $6.6 million to ARK 21Shares’ ARKB spot Bitcoin ETF.
The post Florida State CFO Proposes to Include Bitcoin in Pension Funds, Calls BTC ‘Digital Gold’ appeared first on Cryptonews.
