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Florida CFO urges Bitcoin for state retirement diversification

Florida CFO urges Bitcoin for state retirement diversification

GrafaGrafa2024/10/31 10:00
By:Mahathir Bayena

Jimmy Patronis, Florida’s Chief Financial Officer and State Fire Marshal, is advocating for the state’s retirement funds to consider Bitcoin (CRYPTO:BTC) investments as a way to diversify and future-proof pension portfolios. 

In a letter to the State Board of Administration (SBA) on October 29, Patronis urged an evaluation of the benefits, risks, and feasibility of allocating a portion of the state’s pension assets to digital currencies like Bitcoin. 

According to Patronis, “There’s no telling what the future of cryptocurrency will be,” but he emphasised that Florida should stay proactive in exploring new investment avenues. 

He pointed to recent remarks by former President Donald Trump, who proposed creating a national cryptocurrency advisory council and establishing a ‘stockpile’ of Bitcoin. 

Patronis described Trump’s vision as “innovative thinking from a successful businessman,” stressing the importance of staying ahead. 

In his letter, Patronis highlighted Governor Ron DeSantis’ efforts to protect Floridians from central bank digital currencies (CBDCs), which aim to prevent government-controlled digital money from becoming widespread. 

He linked this with the importance of diversification, particularly for public service roles like firefighters, teachers, and police officers. 

He emphasised that the goal should be securing the best return on investment for Floridians. 

“Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes,” Patronis explained. 

He proposed expanding the Florida Growth Fund with a Digital Currency Investment Pilot Program, suggesting that the initiative could offer significant potential benefits. 

Patronis also noted that other states, such as Wisconsin, Michigan, and Arizona, are exploring similar moves, while Wyoming and Nebraska have enacted frameworks to attract the cryptocurrency industry. 

He requested a comprehensive report from the SBA to help guide Florida lawmakers in the upcoming legislative session.

At the time of reporting, the Bitcoin price was $72,393.73.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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