Bitcoin

Florida Chief Financial Officer Jimmy Patronis has suggested that the agency that administers the state’s pension funds consider adding Bitcoin to its portfolio, which reflects a growing trend in the US. Countries into cryptocurrency financial disclosure.&nbsp; 
On October 10, 29, Patronis wrote to Chris Spencer, executive director of the Florida State Board of Administration (SBA), that bitcoin, commonly referred to as “digital gold,” could offer a diversified and safer alternative to state pension fund investments. 
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 Source: <a href="https://x.com/JimmyPatronis/status/1851351305912270934" target="_blank" rel="noreferrer noopener">Twitter</a>
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Patronis urged the SBA to investigate the “feasibility, risks and potential benefits” of allocating a portion of the Florida Retirement System Trust Fund, worth about $205 billion, to digital assets.&nbsp; 
The Florida Growth Fund Member also <a href="https://oppaga.fl.gov/Documents/Reports/24-01.pdf" target="_blank" rel="noreferrer noopener">proposed</a> a “digital investment pilot program,” which currently can invest up to 1.5% of trust fund assets in high-growth income, and last year, this was around $998 million. 
Pointing to Bitcoin’s ability to deliver stable returns, Patronis said it could support Florida firefighter, teacher, and police pensions by reducing traditional asset volatility.&nbsp; 
This proposal is in line with Florida Government Ron DeSantis’s stance against central bank digital currencies (CBDCs) is consistent, because Patronis stressed that cryptocurrency offers a decentralized alternative. 
If Florida moves forward with a bitcoin economy, it will join states like Wisconsin and Michigan, which recently added crypto assets to their pension funds. In May, Wisconsin contributed $164 million to a bitcoin ETF through Grayscale and BlackRock, while Michigan put a similar amount into ARK 21Shares’ ETF in July. 
Patronis has requested the SBA to deliver a report on the proposal before the state legislature’s next session on March 4, 2025. 
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Florida’s CFO Advocates Bitcoin for State Pension Fund

The Crypto Times

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