Key Takeaways:
- Florida CFO Jimmy Patronis advocates for Bitcoin as a strategic addition to the state’s retirement funds, potentially diversifying assets and acting as a hedge.
- Patronis proposed a feasibility study for Bitcoin investment under the Florida Growth Fund, which can allocate up to 1.5% of its assets to high-growth opportunities.
- This initiative aligns with Florida’s anti-CBDC stance, joining states like Wisconsin and Michigan in exploring crypto allocations for pension portfolios.
Florida’s Chief Financial Officer and Fire Marshal, Jimmy Patronis, has expressed support for incorporating Bitcoin into the state’s retirement funds, citing it as a potential hedge against traditional asset volatility.
In a letter dated October 29, Patronis urged Chris Spencer, executive director of the Florida State Board of Administration (SBA), to assess the feasibility, risks, and benefits of adding Bitcoin to pension assets before the next legislative session in March 2025.
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
— Jimmy Patronis (@JimmyPatronis) October 29, 2024
➡️ Read more: https://t.co/4JBL6WBtq1
Patronis suggests that a “Digital Currency Investment Pilot Program” under the Florida Growth Fund, which already directs assets toward high-growth investments, could be an effective vehicle for this.
This initiative aligns with Governor Ron DeSantis’s recent policies opposing central bank digital currency (CBDC) implementations, promoting cryptocurrencies as an alternative.
JUST IN: Florida's Chief Financial Officer advocates for a strategic #Bitcoin reserve, says BTC is "digital gold." 🇺🇸 pic.twitter.com/aXMdy5ri1a
— Bitcoin Magazine (@BitcoinMagazine) October 29, 2024
If implemented, Florida would join states like Wisconsin and Michigan, which have started investing in Bitcoin ETFs for their pension funds.
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