The Chief Financial Officer of Florida proposed to include Bitcoin in the state's pension fund investment portfolio

2024-10-30 12:00:56

Collection

ChainCatcher news, according to Cointelegraph, Florida Chief Financial Officer Jimmy Patronis has suggested that the agency managing the state's retirement funds consider investing in Bitcoin.

Patronis wrote in a letter to the Florida State Board of Administration (SBA) yesterday: "Bitcoin is often referred to as 'digital gold,' and it can help diversify the state's portfolio and provide a safe hedge against volatility in other major asset classes."

He urged the SBA to "provide a report on the feasibility, risks, and potential benefits of allocating a portion of the state retirement system funds to the digital asset class," and to complete it before the next legislative session scheduled for March 4, 2025.

The Florida Small Business Administration manages more than 30 funds, including the Florida Retirement System Trust Fund. As of September 30, the fund manages assets of approximately $205 billion.

(Source Link)

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.