Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Florida CFO Pushes for Bitcoin in State Pension Funds
    Cryptocurrency

    Florida CFO Pushes for Bitcoin in State Pension Funds

    October 30, 20243 Mins Read


    Florida Chief Financial Officer (CFO) Jimmy Patronis wants to include Bitcoin (BTC) in the state’s pension fund investments.

    To that end, he has sent a formal request to Chris Spencer, the Executive Director of Florida’s State Board of Administration, highlighting the need for a digital currency investment pilot program.

    CFO Wants Bitcoin Feasibility Study

    In his letter, Patronis outlined the rationale behind Bitcoin’s inclusion in the state’s portfolio. He noted Florida’s consistent Triple-A bond rating, record state reserves, and an economy that could see it rank as the 16th-largest globally if it were a country.

    According to him, these factors put the state in a great position to consider new investment strategies, with Bitcoin an excellent tool for buffering the volatility often present in traditional asset classes.

    He suggested that adding the world’s largest and oldest digital asset to the state’s investment portfolio could offer a safeguard for key public workers by positioning their pensions against broader market instabilities.

    “When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians. This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling.”

    The CFO asked Spencer and the State Board of Administration to assess the feasibility of integrating Bitcoin investments into Florida’s public funds. He stated that such an exploration would determine the risks and advantages associated with the asset and give lawmakers the essential information needed to make an informed decision ahead of the next legislative session.

    Proposal Inspired By Donald Trump

    To support his proposal, Patronis referenced moves by states like Wisconsin and Michigan, which recently allocated portions of their pension funds to Bitcoin.

    Wisconsin invested $164 million in spot Bitcoin ETFs offered by Grayscale (GBTC) and BlackRock (IBIT), which represents just 0.1% of its pension assets. It later added another 447,651 IBIT shares while announcing it had fully divested from Grayscale. Michigan also jumped on the bandwagon, buying shares in ARK 21’s spot Bitcoin ETF.

    Similar initiatives have also been launched in other states, including Arizona, where legislators are encouraging pension fund managers to include crypto assets in their portfolios.

    Further, the high-ranking state executive name-dropped Donald Trump as an inspiration for his proposal. He cited the Republican presidential candidate’s speech at the 2024 Bitcoin Conference in Nashville, Tennessee, where he put forward the idea of a national strategic Bitcoin stockpile and vowed to push the United States to the helm of the global crypto industry.

    Patronis also noted Florida Governor Ron Desantis’ move to reinforce the state’s crypto-friendly stance by enacting legislation against Central Bank Digital Currencies (CBDCs), which he suggested were the opposite of what Bitcoin and other cryptocurrencies stand for.

    SPECIAL OFFER (Sponsored)

    Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

    LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Cryptocurrency Live News & Updates : Bitcoin Maintains Support; Oil Prices Stabilize

    Cryptocurrency

    HK takes lead in stablecoin regulation as China explores a digital future

    Cryptocurrency

    RBI e-rupee: How to use central bank digital currency

    Cryptocurrency

    Cryptocurrency Live News & Updates : Profitable Bitcoin Short Position Closed

    Cryptocurrency

    New Cryptocurrency Releases, Listings & Presales Today – League of Traders, LayerEdge, Bitcoin Hyper

    Cryptocurrency

    Cryptocurrency Live News & Updates : Crypto Market Plummets Amid Geopolitical Tensions

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    Mastering Real Estate Investments and Construction Strategies with Andrey Kulakevich – Property Profits Real Estate Podcast

    Stock Market

    Stock-options : définition et fonctionnement

    Cryptocurrency

    Navigating 2025’s Digital Currency Frontier

    Editors Picks

    La dette américaine perd son “triple-A” !

    May 19, 2025

    E-Commodities prévoit une baisse des bénéfices de 1 milliard de dollars HK en 2024 -Le 12 mars 2025 à 09:21

    March 12, 2025

    le ministère de l’agriculture joue t-il la montre ?

    June 13, 2025

    Cardano Priced Today: Cryptocurrency Community Rush Coldware Presale to Balance ADA Red Candle

    March 17, 2025
    What's Hot

    MiningCoop launches new Bitcoin & Dogecoin cloud mining contracts to earn passive cryptocurrency income without hardware

    June 5, 2025

    DigiSquad lève des fonds auprès de Crossfin pour optimiser les paiements numériques en Afrique

    April 24, 2025

    Princess Leia’s ‘Return of the Jedi’ bikini goes for $175K at auction

    July 30, 2024
    Our Picks

    Des scientifiques ont découvert une source d’énergie « illimitée » capable d’alimenter leur pays pendant 60 000 ans

    March 7, 2025

    Current price of gold: Aug. 13, 2024

    August 13, 2024

    This Top Warren Buffett Stock Is a Super Dividend Stock to Buy for Passive Income

    May 18, 2025
    Weekly Top

    Elanor Commercial Property Fund annonce la distribution du quatrième trimestre fiscal

    June 22, 2025

    Samvardhana Motherson, Dalmia Bharat to HUL: 8 key stocks to trade ex-dividend today

    June 22, 2025

    HK takes lead in stablecoin regulation as China explores a digital future

    June 22, 2025
    Editor's Pick

    Russia raises diplomatic property dispute with US during talks in Riyadh — Lavrov – Russian Politics & Diplomacy

    February 19, 2025

    Short Interest in PT Adaro Energy Indonesia Tbk (OTCMKTS:ADOOY) Rises By 11.5%

    July 29, 2024

    Bitcoin’s struggle amid anticipated Federal Reserve interest rate cuts: uncovering the impact on cryptocurrency market

    July 20, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.