In the letter, Patronis lists several reasons why a Bitcoin investment by the US state of Florida might be worth considering.
For example, the assumption that Bitcoin can not only improve returns but also the diversification of a portfolio.
When administering state pensions for firefighters, teachers and police officers, it is also important to prioritize outcome and ensure the best return for Floridians. This is where the potential of investing in a cryptocurrency like Bitcoin becomes particularly compelling. Often referred to as “digital gold,” Bitcoin could help diversify the government’s portfolio and provide a safe hedge against the volatility of other major asset classes.
From writing
As part of this, Florida’s finance minister also brings up the fact that the Wisconsin pension fund and the Michigan pension fund have already bought Bitcoin spot ETFs.
Two other states, Wisconsin and Michigan, have seen fit to invest a small portion of their pension funds in cryptocurrencies. In March, the Arizona State Senate advanced efforts to include cryptocurrencies in state pension funds in an effort to encourage pension fund managers to consider cryptocurrencies in their allocations. Additionally, Wyoming and Nebraska are leaders in crypto mining and have enacted dozens of laws to attract the industry, including a framework for establishing crypto banks.
From writing
Since the Florida Growth Fund allows up to 1.5 percent of the assets of the Florida Retirement System (FRS) pension fund to be invested in technology and growth companies, Patronis offers the option of making an initial Bitcoin investment with this dare.
The State Board of Administration maintains a Florida Growth Fund that enables more innovative and emerging investments, and a pilot program for digital currency investments could be a perfect fit and offer potential benefits that we cannot afford to overlook.
From writing
The Florida Growth Fund had Status January Almost a billion US dollars have been invested so far.
