Florida CFO proposes including Bitcoin in state pension fund portfolio

Odaily News Florida Chief Financial Officer Jimmy Patronis recommends that the agency that manages the state's retirement fund consider investing in Bitcoin Patronis wrote to the Florida State Board of Administration (SBA) yesterday: "Bitcoin is often referred to as 'digital gold' and it can help diversify the state's investment portfolio and provide a safe hedge against the volatility of other major asset classes." He urged the SBA to "provide a report on the feasibility, risks, and potential benefits of investing part of the state retirement system funds in digital asset classes" and complete it before the next legislative session scheduled for March 4, 2025. The Florida Small Business Administration manages more than 30 funds, including the Florida Retirement System Trust Fund. As of September 30, the fund managed approximately $205 billion in assets. (Cointelegraph)