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    Florida CFO wants Bitcoin to be included in state pension funds

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    Florida’s Chief Financial Officer, Jimmy Patronis, is encouraging the state to consider investing in Bitcoin as an asset for its savings and retirement funds. Patronis suggests a ‘Digital Currency Investment Pilot Program’ which could offer more robust returns for the state’s workers. This proposal aligns with Governor Ron DeSantis’s recent rejection of central bank-managed digital currencies and puts Florida in line with states like Wisconsin and Michigan who have invested in Bitcoin.

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    Jimmy Patronis, Florida’s chief financial officer, is urging the state to think about investing in Bitcoin, like some other states in the US are starting to do.

    Often referred to as ‘digital gold’, Bitcoin could give Florida’s savings a new asset class, protecting it against the ups and downs of our current assets, according to Patronis. He has asked Florida’s State Board of Administration to think about whether it would be a good idea to put some of the state’s retirement funds into digital currencies like Bitcoin.

    He’s suggested they could test out the waters with a ‘Digital Currency Investment Pilot Program’. This would be part of the Florida Growth Fund, which is currently allowed to use up to 1.5% of the state’s retirement system fund. Between 2022 and 2023, it put about $998 million into investments that would potentially grow a lot.

    With such a pilot program in place, there could be better returns for the Florida folks contributing to the retirement fund like firefighters, teachers, and police officers. Crypto, specifically Bitcoin, offers strong potential in this regard, added Patronis.

    He also mentioned that this idea fits well with Florida Governor Ron DeSantis’s recent steps to reject digital currencies managed by central banks, indicating that crypto is quite the opposite of that.

    The Florida CFO believes the state would join the likes of Wisconsin and Michigan in making this move. Recently, The State of Wisconsin Investment Board reported it had put $164 million in Bitcoin ETFs. Fast forward a few months, the State of Michigan Retirement System also delved into investment in Bitcoin.

    Source: Cointelegraph

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