Florida Chief Financial Officer Jimmy Patronis is pushing an idea for state pension funds using a Bitcoin stockpile. The official was inspired by Donald Trump’s crypto policy, which is in support of Bitcoin and the crypto industry. Patronis said in a letter to the state’s investment managers that they should follow Trump’s ideas and push for a Bitcoin pension fund for retirees.
“I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” the state CFO said in a letter to the executive director of Florida’s State Board of Administration. “Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.”
Other states around the nation have indulged in Bitcoin ETFs and pensions. The success of Bitcoin ETFs since their launch earlier this year have fueled ideas that the king cryptocurrency could be a safety net for the US dollar in political/economic turmoil. “There’s no telling what the future of cryptocurrency will be, but it’s important that the State of Florida stays ahead of the curve when considering new investments and providing the best returns for Floridians,” Patronis wrote.
Donald Trump spoke very highly of Bitcoin at the 2024 Bitcoin Conference in Nashville, Tennessee earlier this year. The former president spoke of a crypto reserve for the United States. Such an idea has also been discussed by U.S. lawmakers in the Senate.
Also Read: Trump’s Election Impact: Bitcoin Price Predictions from Top Analysts
Jimmy Patronis asked Florida’s State Board of Administration to come back with a report that can inform state lawmakers on the Bitcoin pension fund before its next session. If Florida were to begin supporting Bitcoin, it would follow in the footsteps of states such as Wisconsin and Michigan.
Bitcoin recently established a new all-time high of $73,800. The cryptocurrency is being fueled by institutional interest and the upcoming US election. At press time, BTC is trading at $72,143.82.
