Florida Chief Financial officer Jimmy Patronis pushes an idea that state pension funds can use a Bitcoin stockpile. Donald Trump’s policy on crypto, in which he supports Bitcoin and the cryptocurrency industry, inspired this official. Patronis wrote to state investment managers informing them that Trump’s crypto policy should be followed and a Bitcoin retirement fund would benefit retirees.
“I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” The state CFO stated in a note to Florida State Board of Administration executive director. “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.”
Bitcoin ETFs, and even pensions have been adopted by other states. Bitcoin ETFs have been a huge success since they were launched earlier this year. This has led to the belief that Bitcoin is king cryptocurrency and could provide a safe-haven for the US dollar during times of political and economic instability. “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 is written.
Donald Trump spoke highly of Bitcoin during the Nashville 2024 Bitcoin Conference earlier in this year. He spoke of the United States having a crypto reserve. U.S. senators have also discussed this idea.
Also Read: Trump’s Election Impact: Bitcoin Price Predictions from Top Analysts
Jimmy Patronis has asked Florida’s State Board of Administration for a report to inform lawmakers about the Bitcoin Pension Fund before their next session. Florida, if it decided to start supporting Bitcoin would join states like Wisconsin or Michigan.
Bitcoin has recently been established. new all-time high 73,800 dollars. Institutional interest in the cryptocurrency and the US elections are driving its growth. BTC was trading for $72,143.82 at the time of publication.
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Source: watcher.guru
