FloridaChiefFinancialOfficerJimmyPatronisrecentlysentalettertotheFloridaStateBoardofAdministration,pushingforthecreationofa“strategicBitcoinreserve,”previouslyannouncedbyformerPresidentDonaldTrump.PatronisalsoencouragedthestatetoinvestpensionfundsinBitcoin.ThismoveplacesFloridaattheforefrontofcryptoadoptionamongU.S.states,followingsimilaractionsbyWisconsin,Michigan,andArizona.
FloridaStateTreasurer’sPro-BitcoinMove
IntheletteraddressedtoChrisSpencer,ExecutiveDirectoroftheFloridaStateBoardofAdministration,PatronisemphasizedFlorida’seconomicstrengthandinnovativespirit.“Florida’seconomyisinitsprime,withaTripleAbondratingforthefifthyearinarow,recordreserves,andweareoutpacingthecountryinnearlyeverykeyeconomicmetric,”Patronisstated.HeaddedthatFloridawouldrankasthe16thlargesteconomyworldwideifitwereasovereignnation.
PatroniscitedrecentcommentsfromRepublicanDonaldTrumpattheBitcoin2024convention,whereTrumpsuggestedtheestablishmentofa“nationalstockpileofcryptocurrency.”Theproposednationalstockpile,accordingtoTrump,wouldbefilledusingcryptoassetsseizedinlawenforcementactions.
HebelievesthismovewouldhelpsecuretheUnitedStates’positionasaglobalcryptoleader.Moreover,PatroniscalledTrump’sideas“forethoughtandinnovativethinkingfromasuccessfulbusinessman”thatshouldnotbeoverlooked.
HighlightingGovernorRonDeSantis’stanceoncrypto,PatronisnotedtheGovernor’seffortstoshieldFloridiansfromCentralBankDigitalCurrencies(CBDCs).Inaddition,hedescribedcryptoas“theantithesisofacentralcurrency.”
BREAKING:FloridaTreasurerJimmyPatronismakeshistorywithletterendorsinga‘StrategicBitcoinReserve’–PushesstatepensionstoaddBitcoin.
ThisisamassivemoveforBitcoinintheUSA.We@SatoshiActFundareproudtohaveourworkinArizonacitedinthisletter.pic.twitter.com/Upd5nM414g
—DennisPorter(@Dennis_Porter_)October29,2024
Furthermore,headdedthatdecentralizeddigitalcurrencies,suchasBitcoin,operateoutsidegovernmentalcontrol,aligningwithDeSantis’legislativeactionagainstCBDCs.Thisprotection,hesaid,counters“globalisteffortstoadoptaworldwidedigitalcurrency.”
NeedforCryptoPensionFund
PatronisproposedthattheFloridaGrowthFund,aninitiativemanagedbytheStateBoardofAdministrationthatsupportsemerginginvestments,couldincorporateBitcointodiversifythestate’spensionportfolio.AccordingtoPatronis,Bitcoinisoftenlikenedto“digitalgold,”acharacterizationhebelievesreflectsitspotentialtoactasahedgeagainstvolatilityinotherassetclasses.
“Itcouldhelpdiversifythestate’sportfolioandprovideasecurehedgeagainstthevolatilityofothermajorassetclasses,”Patroniswrote.Patronisalsopointedtootherstates’movestowardcryptoadoption.Wisconsin,Michigan,andArizonahaveallmadestridesinincorporatingcryptointopensionfundallocations.
Meanwhile,WyomingandNebraskahaveenactedlegislationtoattractcrypto-relatedindustries,includingframeworksforcharteringcryptobanks.Theletterconcludeswitharequestforafeasibilityreport,askingtheStateBoardofAdministrationtoevaluatethepotentialbenefitsandrisksofinvestingstateretirementfundsincrypto.
“AsaTrusteeovertheStateBoardofAdministration,pleaseconsiderthisletterasarequesttotheSBAtoprovideareportonthefeasibility,risk,andpotentialbenefitsofdirectingaportionofstateretirementsystemmoniesintodigitalassetclasses,”Patroniswrote.
DennisPorter,founderoftheSatoshiActionFundandavocalBitcoinadvocate,firstsharedtheupdateonsocialmedia.TheannouncementcaughttheattentionofBTCmaximalistsquicklyastheflagship’scrypto’sprocecrossedthe$72,000marklately.WiththegrowingadoptionbyU.S.states,analystsforeseeaBTCpricerallyincoming.
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