Key Points
- Florida Treasurer, Jimmy Patronis, advocates for Bitcoin to be added to state pensions.
- The important move for BTC in the USA comes amidst the coin’s recent price rally.
Amidst the recent price rally that sent Bitcoin to a new ATH above $73,500, important crypto-related moves are being made in the USA.
The CEO and co-founder of Satoshi Act Fund, Dennis Porter recently announced via an X account that the Florida Treasures Jimmy Patronis made history with a letter endorsing a “Strategic Bitcoin Reserve” in which he pushes state pensions to add Bitcoin.
He also said that the Satoshi Act Fund’s work in Arizona was cited in the letter.
Strategic Bitcoin Reserve
In his letter, Patronis stated that Florida’s economy is flourishing, with a Triple A bond rating for the fifth year in a row and record reserves. The state is reportedly outpacing the country in almost all important economic metrics.
He said that if Florida were its own sovereign nation, it would be the 16th largest economy globally with a pioneering spirit in various fields, including space travel and FinTech.
Addressing the Executive Director of the Florida State Board of Administration, Chris Spencer, Patronis said that in a recent Bitcoin 2024 convention, Donald Trump proposed the idea of a national Bitcoin reserve, promising to make the US the crypto capital of the world.
He also mentioned that Trump said that he would establish a crypto presidential advisory council and create a national stockpile of BTC using the government’s current holdings.
Patronis highlighted Bitcoin as digital gold that could help diversify the state’s portfolio and offer a secure hedge against the volatility of the major asset classes. According to him, a Digital Currency Investment Pilot Program could be a perfect fit in Florida offering various benefits.
He also mentioned that Wisconsin and Michigan have already invested small portions of their pension funds in Bitcoin, while Wyoming and Nebraska lead in crypto mining and have already enacted dozens of laws to attract the industry, including a framework to charter crypto banks.
In his letter, Patronis requested the SBA to offer a report on the feasibility, risk, and potential benefits of directing a portion of state retirement system money into crypto. This report should be reportedly provided to the Board of Trustees to inform lawmakers before the next legislative session.
The move comes amidst an increased focus on Bitcoin and crypto in the US ahead of the elections, and a surging global adoption.
It’s also worth noting that recently, Pennsylvania passed a Digital Asset Authorization Act known as the Bitcoin Rights Act with bipartisan support that protects the use and storage of crypto.
