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Florida’s top financial official, Jimmy Patronis, wants the State Board of Administration to invest in Bitcoin to protect against currency valuation changes and increase government workers’ fund reserves. Citing the privacy offered by cryptocurrencies and the need for the U.S. to keep up with countries considering digital assets, he believes ignoring crypto is a mistake. South Korea’s teachers’ pension fund and Japan’s Government Pension Investment Fund have already expressed interest in Bitcoin. South Korea’s National Pension Service recently bought $34 million of MicroStrategy stock, perceived by some as an indirect Bitcoin investment.

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Jimmy Patronis, Florida’s top financial official and one of those in charge of the state’s pension funds, told CNBC’s Squawk Box he wants the State Board of Administration to put some cash into Bitcoin. He thinks it’ll help protect against changes in the value of different currencies and protect against things like digital currencies from central banks.

The big boss said it’s part of his job to get the most cash possible for government workers in Florida and he thinks that those in charge of different assets should be doing the same thing. Patronis said to the CNBC presenter, “Crypto ain’t going anywhere.” He added “If you’re not paying attention to it, you’re making a mistake.” Patronis also pointed out that cryptocurrencies can’t be controlled by the government and protect people’s privacy.

Patronis also highlighted that the U.S. needs to invest in cryptocurrencies to keep up with other countries, who are already thinking about adding Bitcoin and other digital assets to their portfolios. He said this is important for staying competitive in global markets.

In 2021, a huge pension fund for teachers in South Korea decided to put some cash towards Bitcoin using exchange-traded funds. It’s one of the biggest investors of this type in South Korea.

Japan’s biggest pension fund, the Government Pension Investment Fund, also revealed it was thinking about putting a bit of its cash towards Bitcoin. They said they made this decision because of big changes happening in the economy and society, and how technology is developing so fast.

More recently, in August, South Korea’s National Pension Service, the world’s third biggest pension fund, bought $34 million of MicroStrategy stock. Some people think of this as indirectly investing in Bitcoin.

Source: Cointelegraph