Florida Chief Financial Officer Jimmy Patronis is asking the agency that manages state retirement funds to consider investing in Bitcoin, as more U.S. states add the cryptocurrency to their portfolios. Join in.
“Bitcoin (BTC), often referred to as ‘digital gold,’ has the potential to diversify states’ portfolios and provide a safe hedge against the volatility of other major asset classes,” said Patronis, Florida Commissioner. This was stated in a letter dated October 29th to the Association. Chris Spencer, Executive Director of Administration;
Patronis’ letter asks the SBA to “submit a report on the feasibility, risks, and potential benefits of directing a portion of state retirement system funds to digital asset classes” by March 2025. They are requesting that the report be submitted before the next bill debate scheduled for April 4th.
Source: Jimmy Patronis
Florida’s SBA manages more than 30 funds, including the Florida Retirement System Trust Fund, with approximately $205 billion in assets under management as of Sept. 30.
Patronis suggested in the letter that the SBA may create a “Digital Currency Investment Pilot Program” as part of the Florida Growth Fund.
The fund, which is allowed to use up to 1.5% of Florida Retirement System trust funds, invested $998 million in high-growth investments from 2022 to 2023, according to a January report.
“When managing public pensions for firefighters, teachers, and police officers, it is also important to prioritize returns and ensure the highest return on investment for Floridians. The investment possibilities become particularly attractive,” Patronis added.
Related: Florida is the most crypto tax-friendly of all US states
The executive also said the move would be in line with recent efforts by Florida Governor Ron DeSantis to block central bank digital currencies (CBDCs), calling cryptocurrencies the “antithesis” of central currencies. he pointed out.
Jimmy Patronis asked the SBA to produce a report on potential investments in Bitcoin. Source: Florida CFO
If Florida decides to invest in cryptocurrencies, it would join states such as Wisconsin and Michigan that are adding crypto assets to their state retirement funds.
In May, the Wisconsin State Investment Board (SWIB) invested $164 million in the Spot Bitcoin Exchange Traded Fund (ETF) offered by Grayscale and BlackRock, with crypto plays accounting for approximately 0.1 of its total assets under management. reported to be equivalent to %.
A few months later, in July, the Michigan Retirement System also announced an investment in Bitcoin with 110,000 shares of the ARK 21Shares ETF (0.003% of assets under management).
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