Bitcoin could join Florida state pension funds under CFO’s proposal

Florida’s CFO hails Bitcoin as “digital gold” in push for state pension fund adoption.

Key Takeaways

  • Florida’s CFO proposes Bitcoin to diversify state pension funds.
  • Bitcoin described as “digital gold” in recent investment discussions.

Florida CFO, Jimmy Patronis, sent a letter to Chris Spencer, Executive Director of the Florida State Board of Administration, requesting a report to consider Bitcoin and other digital assets as a viable investment for state pension funds.

Patronis cited Florida’s strong economic performance and its history of innovation as reasons to explore the potential of crypto investments.

Patronis argued that Bitcoin, often called “digital gold,” could diversify the state’s portfolio and provide a hedge against the volatility of other asset classes.

He suggested that a “Digital Currency Investment Pilot Program” could be a good fit for the Florida Growth Fund, which allows for more innovative and emerging investments.

The CFO’s letter highlighted recent developments in the crypto space, including President Trump’s proposal for a national crypto stockpile and Governor DeSantis’s efforts to protect Floridians from central bank digital currencies (CBDCs).

The letter also pointed to other states that have already made moves to invest in crypto.

Wisconsin and Michigan have invested a small portion of their pension funds into crypto, while Arizona’s state Senate has advanced efforts to add crypto to state retirement funds.

Additionally, Wyoming and Nebraska have enacted laws to attract the crypto mining industry, including a framework for chartering crypto banks.

The letter formally requests the SBA to prepare a report assessing the risks, feasibility, and benefits of a pilot digital currency investment for state pension funds.

He emphasized the importance of Florida staying ahead of the curve when considering new investments and providing the best returns for Floridians.

Source

Updated: 10/29/2024 — 20:00

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