The federal government of Florida already owns $800 million price of crypto-related investments and will quickly maintain extra, in keeping with Jimmy Patronis, the state’s chief monetary officer (CFO).
Patronis says in a brand new interview with CNBC that he “wouldn’t be shocked” to see that quantity develop if former President Donald Trump wins the presidential election subsequent week.
“Crypto’s not going anyplace. It’s not going to contract. It’s going to proceed to be increasing, and I believe we’d be a idiot if we’re not ready to do every thing we are able to to harness the alternatives there.”
Patronis lately wrote to the Florida State Board of Administration, which manages the belongings for the Florida Retirement System, requesting that the board full a report exploring the potential influence of including crypto to their pension funds’ funding portfolios.
“When managing state pensions for firefighters, lecturers, and cops, it’s additionally important to prioritize the underside line and make sure the finest return on funding for Floridians. That is the place the potential of investing in a cryptocurrency, like Bitcoin, turns into notably compelling.
Bitcoin is usually known as ‘digital gold,’ and it may assist diversify the state’s portfolio and supply a safe hedge in opposition to the volatility of different main asset courses.
The State Board of Administration maintains a Florida Progress Fund that permits for extra revolutionary and rising investments, and a Digital Foreign money Funding Pilot Program may very well be an ideal match, providing potential advantages we can’t afford to miss.”
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