US presidential candidate Donald Trump's support for Bitcoin is also mobilizing states.
At this point, Florida Comptroller Jimmy Patronis has called on state pension funds to consider investing in Bitcoin (BTC) and other cryptocurrencies.
Jimmy Patronis wrote to Florida State Board Executive Director Chris Spencer, suggesting that he consider investing in Bitcoin:
“Bitcoin is often referred to as digital gold and could help diversify the state’s portfolio and provide a safe hedge against the volatility of other major asset classes.”
Patronis, who proposed including Bitcoin and other digital assets in the Florida retirement fund portfolio, also argued in his letter that he could create a “Digital Currency Investment Pilot Program” under the Florida Growth Fund to explore emerging assets like Bitcoin.
“While managing state pension funds for firefighters, teachers, and police officers is important for Floridians, it is also important to ensure the best return on investment. This is where the potential of investing in a cryptocurrency like Bitcoin becomes particularly attractive,” Patronis said.
If the Florida pension fund decides to invest in Bitcoin and cryptocurrencies, it would join states like Wisconsin and Michigan that have added crypto to their state pension funds.
*This is not investment advice.