skip to Main Content
bitcoin
Bitcoin (BTC) $ 97,964.25 3.53%
ethereum
Ethereum (ETH) $ 3,345.05 8.56%
tether
Tether (USDT) $ 1.00 0.07%
solana
Solana (SOL) $ 254.50 8.18%
bnb
BNB (BNB) $ 620.84 1.91%
xrp
XRP (XRP) $ 1.18 7.82%
dogecoin
Dogecoin (DOGE) $ 0.385277 2.00%
usd-coin
USDC (USDC) $ 0.997939 0.29%
staked-ether
Lido Staked Ether (STETH) $ 3,343.73 8.61%
cardano
Cardano (ADA) $ 0.788455 1.91%

Inspired by Trump, Florida Official Eyes State Bitcoin Stockpile for Retirees

  • The top financial official for Florida was so impressed by Trump’s rhetoric on the U.S. building a bitcoin stockpile that he wants to shift some state pension money into crypto.

  • Florida Chief Financial Officer Jimmy Patronis said in a letter to the state’s investment managers that they should check out that option.

Florida’s chief financial officer proposed that the funds that support retired state workers should dabble in crypto, inspired by Republican presidential candidate Donald Trump’s support for the U.S. government stockpiling bitcoin (BTC).

  • Bitcoin Open Interest Hits Record High Amid BTC Price Surge

    01:50

    Bitcoin Open Interest Hits Record High Amid BTC Price Surge

  • Bitcoin Leaps Across $71K, Eyes All-Time High; DOGE Futures Interest Nears Record

    02:41

    Bitcoin Leaps Across $71K, Eyes All-Time High; DOGE Futures Interest Nears Record

  • Sliding Copper-to-Gold Ratio Presents Bitcoin Bear Case

    01:33

    Sliding Copper-to-Gold Ratio Presents Bitcoin Bear Case

  • Tether Denies U.S. Probe; MicroStrategy Premium is 'Unsustainable': Report

    02:21

    Tether Denies U.S. Probe; MicroStrategy Premium is ‘Unsustainable’: Report

  • “I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” state CFO Jimmy Patronis said in a letter to the executive director of Florida’s State Board of Administration, advocating for his state to join others that have already made such investments. “Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.”

    He suggested the organization that manages the state pensions that serve Florida’s retired firefighters, teachers and other public workers should study how crypto investing may fit into one of its funds and offer “potential benefits we cannot afford to overlook,” according to the letter dated on Tuesday.

    Patronis, who is one of three trustees along with the governor and state attorney general, asked the organization to come back with a report that can inform state lawmakers before the next session. If Florida were to make that change, it would follow in the footsteps of states such as Wisconsin and Michigan.

    “There’s no telling what the future of cryptocurrency will be, but it’s important that the State of Florida stays ahead of the curve when considering new investments and providing the best returns for Floridians,” he wrote.

    Patronis indicated he’d been inspired by Trump’s rhetoric earlier this year at a prominent Bitcoin conference in Nashville, where the former president spoke of a strategic crypto reserve for the U.S. Such an idea has also been discussed by U.S. lawmakers, though it hasn’t yet made significant progress.

    Edited by Nick Baker.

    Disclosure

    Please note that our

    privacy policy,

    terms of use,

    cookies,

    and

    do not sell my personal information

    have been updated

    .

    CoinDesk is an

    award-winning

    media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

    editorial policies.

    CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Jesse Hamilton

    Leave a Reply

    Loading data ...
    Comparison
    View chart compare
    View table compare
    Back To Top