PANews 30 October news, according to Crypto Briefing, Florida's Chief Financial Officer Jimmy Patronis has written to Chris Spencer, Executive Director of the Florida State Government Management Council, requesting the council to submit a report exploring the feasibility of using Bitcoin and other digital assets as viable investments for the state pension fund.
Patronis cited Florida's strong economic performance and history of innovation as reasons to explore the potential of cryptocurrency investments. He argued that Bitcoin, often referred to as 'digital gold,' could diversify the state's investment portfolio and provide a hedge against volatility in other asset classes. He suggested that a 'digital currency investment pilot program' would be well-suited for Florida's Growth Fund, which allows for more investments in innovative and emerging fields. Patronis's letter highlighted recent developments in the cryptocurrency space, including the national cryptocurrency reserve plan proposed by President Trump, and Governor DeSantis's efforts to protect Florida residents from the impacts of central bank digital currencies (CBDCs).
The letter also pointed out other states that have already taken action to invest in cryptocurrencies. Wisconsin and Michigan have allocated a small portion of their pension funds to cryptocurrencies, while the Arizona Senate has advanced efforts to include cryptocurrencies in the state retirement fund. Additionally, Wyoming and Nebraska have enacted laws to attract the cryptocurrency mining industry, including establishing a framework for chartered cryptocurrency banks.
