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Home News

Florida Official Pushes Bitcoin in Pensions

October 30, 2024
Reading Time: 2 mins read
in News
Florida Official Pushes Bitcoin in Pensions

Florida’s Chief Financial Officer, Jimmy Patronis, is advocating for the incorporation of Bitcoin into the state’s pension fund investments. This initiative comes amid a growing trend among U.S. states exploring cryptocurrency as a viable asset class. In a letter addressed to Chris Spencer, the executive director of the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin’s reputation as “digital gold,” which could enhance the state’s investment portfolio and provide a safeguard against the volatility often associated with traditional assets.

In his correspondence, Patronis urged the SBA to conduct a comprehensive report evaluating the feasibility, risks, and potential benefits of directing a portion of the state retirement system’s assets into digital assets like Bitcoin. He emphasized the importance of making informed investment decisions for the state’s pension plans, which cater to firefighters, teachers, and police officers. Patronis believes that investing in cryptocurrencies could yield significant returns, thereby benefiting Floridians who rely on these pensions.

The Florida SBA currently manages over 30 funds, including the Florida Retirement System Trust Fund, which boasts approximately $205 billion in assets as of September 30, 2024. To facilitate this initiative, Patronis proposed the establishment of a “Digital Currency Investment Pilot Program” as part of the Florida Growth Fund. This fund is permitted to invest up to 1.5% of the Florida Retirement System Trust Fund, having previously allocated $998 million into high-growth investments between 2022 and 2023.

If Florida moves forward with this investment strategy, it would join states such as Wisconsin and Michigan, which have already integrated cryptocurrency assets into their retirement funds. For example, the State of Wisconsin Investment Board reported a $164 million investment in Bitcoin exchange-traded funds (ETFs) offered by Grayscale and BlackRock, representing approximately 0.1% of its total assets. Similarly, the State of Michigan Retirement System revealed investments in Bitcoin, acquiring 110,000 shares in ARK 21Shares’ ETF, equating to 0.003% of its assets under management. Patronis’s initiative underscores a significant shift in how state governments are viewing cryptocurrency within their financial strategies.

Reference:

  • Florida Official Advocates for Bitcoin Inclusion in State Pension Fund Investments
Tags: BitcoinCryptocurrencyCyber NewsCyber News 2024Cyber threatsFloridaGovernmentOctober 2024
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