"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."
Patronis 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.
"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.
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