Florida CFO Proposes Bitcoin Investment for State Pensions

Chief Financial Officer Jimmy Patronis requests a feasibility report on incorporating digital assets like Bitcoin into Florida's public retirement funds.

• Jimmy Patronis, Florida's Chief Financial Officer, has asked the State Board of Administration to evaluate the potential benefits and risks of investing state retirement funds in digital assets, particularly Bitcoin.
• The proposal is inspired by former President Donald Trump's advocacy for a national Bitcoin stockpile, which he discussed at a Bitcoin conference in Nashville earlier this year.
• Patronis emphasizes that Bitcoin, often referred to as 'digital gold,' could diversify Florida's investment portfolio and act as a hedge against volatility in other asset classes.
• The initiative aligns with Florida's existing efforts to promote cryptocurrency adoption, as seen in past proposals to allow state tax payments in Bitcoin.
• If approved, Florida would join other states like Michigan and Wisconsin, which have already explored or implemented crypto investments in public pension funds.

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