The post Florida CFO Jimmy Patronis Advocates Bitcoin Investment for State Retirement Funds to Enhance Portfolio Diversification appeared on BitcoinEthereumNews.com.

Florida’s Chief Financial Officer Jimmy Patronis advocates for state investment in Bitcoin, reflecting a broader trend among U.S. states embracing cryptocurrencies. In his recent correspondence, Patronis emphasizes the potential of Bitcoin for portfolio diversification and stability amidst market fluctuations. “Bitcoin is often called ‘digital gold,’ and it could provide a secure hedge,” noted Patronis, underscoring the asset’s growing appeal. Florida CFO Jimmy Patronis pushes for a Bitcoin investment strategy in state funds, aiming for enhanced diversification and security. Learn more. Florida’s Move Towards Bitcoin Investment Strategy In a forward-thinking approach, Florida’s CFO Jimmy Patronis is urging the Florida State Board of Administration (SBA) to explore the feasibility of integrating Bitcoin into the state’s retirement system portfolio. This initiative aligns with a growing movement among U.S. states to incorporate digital assets into their financial strategies. By framing Bitcoin as “digital gold,” Patronis highlights its potential to act as a valuable hedging instrument against the volatility typical of conventional financial assets. The Rationale for Including Bitcoin in State Funds Patronis’ letter, sent on October 29, advocates for a comprehensive assessment of the risks and possible benefits of allocating a portion of state retirement funds to digital assets. This report is requested before the upcoming legislative session, slated for March 4, 2025. Currently, the Florida SBA oversees assets exceeding $205 billion, primarily through the Florida Retirement System Trust Fund. Thus, any strategic move towards cryptocurrency could significantly impact the state’s overarching financial health. Proposed Digital Currency Investment Pilot Program In his proposal, Patronis suggests the creation of a Digital Currency Investment Pilot Program under the umbrella of the Florida Growth Fund. This fund is permitted to utilize up to 1.5% of the Florida Retirement System Trust Fund for high-growth investments. Recent allocations have already demonstrated substantial returns, with approximately $998 million invested between…

---

Filed under: News - @ October 30, 2024 4:16 am