2024

Bitcoin

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Jimmy Patronis, Florida’s Chief Financial Officer, has proposed adding Bitcoin to the state’s retirement funds, emphasizing the potential benefits of diversification and protection against traditional market volatility. In a letter to Florida State Board of Administration Executive Director Chris Spencer, Patronis argued that Bitcoin, often seen as “digital gold,” could secure state funds and enhance returns. 
<a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" decoding="async" class="size-full wp-image-24541 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Qubetics-is-728x90-1-1.jpg" alt="Qubetics is 728x90 1 1" width="728" height="90" title="Florida Considers Adding Bitcoin to Retirement Funds: Finance Chief’s Bold Proposal 51"></a> 
In his October 29 letter, Patronis highlighted other states, such as Wisconsin and Michigan, that have started investing portions of their pension funds in crypto assets. He suggests that Florida could follow suit, thereby bolstering both security and returns for retirees. By including Bitcoin, the state aims not only to protect but also to maximize retirement benefits for Floridians. 
<h2 id="bitcoin-as-an-alternative-to-centralized-digital-currencies">Bitcoin as an Alternative to Centralized Digital Currencies</h2> 
Patronis advocates for Bitcoin’s decentralized nature, which he views as an advantage over central bank digital currencies (CBDCs). This aligns with Florida Governor Ron DeSantis’s stance against CBDCs, highlighting Bitcoin as a viable alternative to centralized digital assets. 
<blockquote class="twitter-tweet"> 
 There’s no telling what the future of <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#cryptocurrency</a> will be, but FL must stay ahead of the curve on getting the best returns for Floridians. Today, I sent a letter to <a href="https://twitter.com/FloridaSBA?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@FloridaSBA</a> requesting a report on digital currencies. <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/27a1.png" alt="➡" class="wp-smiley" style="height: 1em; max-height: 1em;"> Read more: <a href="https://t.co/4JBL6WBtq1" rel="nofollow" target="_blank">https://t.co/4JBL6WBtq1</a> 
 — Jimmy Patronis (@JimmyPatronis) <a href="https://twitter.com/JimmyPatronis/status/1851351305912270934?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">October 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Patronis has requested the State Board of Administration (SBA) to assess the potential risks, benefits, and feasibility of investing in digital assets. This evaluation is expected to provide lawmakers with greater insight into the topic ahead of the next legislative session. Patronis also suggested the SBA could establish a Digital Currency Investment Pilot Program under the Florida Growth Fund. According to a report released in January 2024, this fund has permission to allocate up to 1.5% of the Florida Retirement System Trust Fund to high-growth projects, which received approximately $998 million in investments between 2022 and 2023. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-26493" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Florida-is-proposal-to-add-Bitcoin-to-state-retirement-funds.-The-image-should-feature-a-Bitcoin-symbol-alongside-financial-e.webp" alt="Florida is proposal to add Bitcoin to state retirement funds. The image should feature a Bitcoin symbol alongside financial e" width="1792" height="1024" title="Florida Considers Adding Bitcoin to Retirement Funds: Finance Chief’s Bold Proposal 52" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Florida-is-proposal-to-add-Bitcoin-to-state-retirement-funds.-The-image-should-feature-a-Bitcoin-symbol-alongside-financial-e.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/Florida-is-proposal-to-add-Bitcoin-to-state-retirement-funds.-The-image-should-feature-a-Bitcoin-symbol-alongside-financial-e-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/Florida-is-proposal-to-add-Bitcoin-to-state-retirement-funds.-The-image-should-feature-a-Bitcoin-symbol-alongside-financial-e-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="other-states-embrace-crypto-in-pension-funds">Other States Embrace Crypto in Pension Funds</h2> 
The Michigan State Retirement System made a significant move in July 2024 by investing $6.6 million in ARK 21Shares’ Bitcoin ETF. In addition, Wisconsin committed $170 million to crypto assets through investments in BlackRock’s IBIT ETF and Grayscale’s GBTC. Patronis’s proposal reflects Florida’s interest in expanding its pension funds beyond traditional assets, putting Bitcoin in the spotlight for its potential role in state investment strategies. 
For updates on the role of cryptocurrency in state pension funds and other news, <a href="http://turkishnyradio.com" target="_blank" rel="noopener">Turkish NY Radio</a> provides the latest insights on emerging financial trends. 
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Florida Considers Adding Bitcoin to Retirement Funds: Finance Chief’s Bold Proposal

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