{"id":3920,"date":"2024-12-09T01:45:18","date_gmt":"2024-12-09T01:45:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3920"},"modified":"2024-12-09T01:45:18","modified_gmt":"2024-12-09T01:45:18","slug":"bitcoin-state-florida-pensions-take-1-85-billion-leap-into-crypto","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3920","title":{"rendered":"Bitcoin State: Florida Pensions Take $1.85 Billion Leap Into Crypto"},"content":{"rendered":"
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The state pension fund in Florida made a bold move to align itself with the vision of US President-elect Donald Trump for a strategic Bitcoin reserve.<\/p>\n

Florida\u2019s state officials announced that the pension fund will invest $1.85 billion worth of members\u2019 contributions into Bitcoin<\/a> to diversify its investment portfolio.<\/p>\n

Bitcoin Exposure<\/strong><\/h2>\n

The head of the Florida Blockchain Business Association (FBBA) announced that $1.85 billion of Florida\u2019s pension fund is being considered for Bitcoin investment, a move backed by state leaders.<\/p>\n

FBBA president Samuel Armes said in a post that Florida will launch a \u201cstrategic Bitcoin reserve\u201d, adding that the state has a great chance of creating the BTC reserve in the first quarter of next year.<\/p>\n

Armes believes that the Bitcoin investment would push through because of the pro-Bitcoin leaders such as the Speaker of the Florida House, Danny Perez, and Governor Ron DeSantis, saying that Perez \u201cunderstands the technology very well\u201d while DeSantis is among the most pro-Bitcoin governors in the United States.<\/p>\n

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Florida is going to launch a strategic Bitcoin reserve, and here\u2019s how we\u2019re going to do it \"\ud83d\udc47\"<\/p>\n

Florida has a very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.<\/p>\n

Here\u2019s what you need to know:<\/p>\n

The Speaker of the Florida House, Danny\u2026 pic.twitter.com\/JJRNU1V7ZI<\/a><\/p>\n

\u2014 Samuel Armes (@samuelarmes) December 3, 2024<\/a><\/p>\n<\/blockquote>\n

Pension Fund Goes Crypto\u00a0<\/strong><\/h2>\n

Armes suggested that one way to build a Bitcoin reserve<\/a> in Florida is by allowing the state pension fund to invest $1.85 billion in Bitcoin.<\/p>\n

\u201cLeverage our $185.7B pension fund to allocate a small percentage to Bitcoin as a hedge against inflation<\/a>,\u201d Armes said in a post.<\/p>\n

The FBBA head explained that it would not be the first time that Florida will invest in digital assets using the pension fund because the state has already made investments in Bitcoin and crypto-related assets through this fund.<\/p>\n

<\/p>\n

He explained that the fourth largest pension fund in the United States can utilize 1% of its fund to establish a Bitcoin reserve, providing the retirement savings scheme an opportunity to diversify and get exposure to the growing cryptocurrency market.<\/p>\n

\n\u201cThe pension allocates its funds to hedge funds, and some of those hedge funds have bought various stocks in the Bitcoin space (miners, MSTR, Coinbase as examples) while also buying liquid tokens,\u201d he added.\n<\/p><\/blockquote>\n

$800 Million In Crypto<\/strong><\/p>\n

Florida is not new in digital assets since it already has $800 million in crypto investments.<\/p>\n

Florida\u2019s Chief Financial Officer Jimmy Patronis urged other pension funds to try investing their money into Bitcoin, adding the firstborn cryptocurrency to their state\u2019s investment portfolio.<\/p>\n

\n\u201cCrypto\u2019s not going anywhere. It will continue expanding, and we\u2019d be foolish not to harness its opportunities there,\u201d Patronis said as he pointed out the need to prepare for the growth of digital currencies.\n<\/p><\/blockquote>\n

However, some critics voiced concerns about the state\u2019s Bitcoin investment plans, warning about crypto\u2019s volatility.<\/p>\n

Charles Bobrinskoy of Ariel Investments argued that Bitcoin is a \u201cmomentum-driven bubble\u201d, adding that it has an \u201cunstable price\u201d and does not have real value.<\/p>\n

Meanwhile, state officials defended the move believing that Bitcoin is a \u201cgood long-term investment\u201d and a better option to safeguard against traditional financial risks.<\/p>\n

Featured image from Business Standard, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The state pension fund in Florida made a bold move to align itself with the vision of US President-elect Donald Trump for a strategic Bitcoin reserve. Florida\u2019s state officials announced that the pension fund will invest $1.85 billion worth of members\u2019 contributions into Bitcoin to diversify its investment portfolio. Bitcoin Exposure The head of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3920","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3920"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3920\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}