Florida CFO Proposes Bitcoin Investment For State Pension Fund

According to PANews, Florida's Chief Financial Officer Jimmy Patronis has written to Chris Spencer, Executive Director of the State Board of Administration, requesting a report on the feasibility of including Bitcoin and other digital assets as potential investments for the state's pension fund. Patronis cited Florida's robust economic performance and history of innovation as reasons to explore the potential of cryptocurrency investments. He argued that Bitcoin, often referred to as 'digital gold,' could diversify the state's investment portfolio and hedge against the volatility of other asset classes. Patronis suggested that a 'digital currency investment pilot program' would be well-suited for the Florida Growth Fund, which allows for investments in more innovative and emerging sectors. His letter also highlighted recent developments in the cryptocurrency space, including former President Trump's proposed national cryptocurrency reserve plan and Governor DeSantis's efforts to protect Florida residents from the impacts of central bank digital currencies (CBDCs). The letter also pointed out that other states have already taken steps to invest in cryptocurrencies. Wisconsin and Michigan have allocated a small portion of their pension funds to digital assets, while the Arizona Senate has advanced efforts to include cryptocurrencies in the state retirement fund. Additionally, Wyoming and Nebraska have enacted laws to attract the cryptocurrency mining industry, including establishing frameworks for chartered crypto banks.