Sovereign pension funds are increasingly seeking exposure to Bitcoin following the introduction of spot ETFs in the United States.
Jimmy Patronis, Florida’s chief financial officer and one of the officials responsible for overseeing the state’s pension funds, told CNBC’s Squawk Box that he directed the State Board of Administration to invest in Bitcoin (BTC) as a hedge against currency inflation and a bulwark against central bank digital currencies.
The chief financial officer cited his fiduciary duty to maximize returns on behalf of state employees to preserve purchasing power and warned other asset managers not to ignore the emerging asset class. Patronis told the CNBC host:
“If you’re not paying attention to it, you’re making a mistake,” he continued. Patronis highlighted that decentralized cryptocurrencies protect consumer privacy and provide resistance against government overreach.
