• Inspired by Trump, Florida Official Eyes State Bitcoin (BTC) Stockpile for Retirees
• Citing presidential candidate Donald Trump’s remarks on a U.S. strategic crypto reserve
• Florida Chief Financial Officer Jimmy Patronis is pushing the idea for state pension funds
Presidential candidate Donald Trump‘s remarks on a U.S. strategic crypto reserve have inspired Jimmy Patronis, Florida’s Chief Financial Officer, to push the idea for state pension funds.
JUST IN:
— BlockNews.com (@blocknewsdotcom) October 30, 2024Florida CFO Jimmy Patronis proposes the creation of a state Bitcoin $BTC stockpile for retirees, stating it would provide a hedge against the volatility of other major asset classes pic.twitter.com/pJaBOWWRcB
Trump’s Comments on Strategic Crypto Reserve
In a campaign speech earlier this month, Trump called for the U.S. to build up a strategic reserve of Bitcoin, similar to the nation’s oil reserves. He argued this would give the country an economic advantage over China.
Patronis Agrees With Concept for Florida
Citing Trump’s comments, Patronis said he agrees with the concept and wants to explore investing a portion of Florida’s $192 billion pension fund into crypto. He believes cryptocurrency is a promising investment that could benefit the state’s retirees.
Potential Benefits for Florida Retirees
Patronis said investing state pension funds into Bitcoin and other cryptocurrencies could diversify Florida’s portfolio and produce strong returns for retirees. He argued crypto has shown the ability to grow quickly in value, providing much higher returns than other assets.
Pushback From Some Florida Lawmakers
While Patronis is advocating for crypto investments, some Florida lawmakers have pushed back on the idea. They argue cryptocurrencies are too volatile and risky for pension funds. One state senator introduced legislation to prohibit state-administered retirement programs from investing in crypto.
Patronis Still Wants to Explore Idea
Despite the pushback, Patronis said he still wants to open a dialogue with pension fund managers to explore investing a small portion of funds into crypto. He believes there are smart ways to invest in emerging assets while balancing risks. Patronis plans to raise the idea again in next year’s legislative session.
Conclusion
Trump’s call for a U.S. crypto reserve has energized the debate on state pension investments. Patronis aims to make Florida an early mover by allocating some funds to cryptocurrency. However, he faces skepticism from lawmakers concerned about crypto volatility. The debate in Florida may influence how other states view crypto as a potential investment.
