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Florida CFO Advocates Strategic Bitcoin Reserve

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Florida Chief Financial Officer (CFO) Jimmy Patronis has proposed the establishment of a “Strategic Bitcoin Reserve.” He formally recommended that Florida’s pension funds — covering firefighters, teachers, police officers, and other public sector workers—consider Bitcoin as a potential asset.

If the proposal passes, the move could set a new trend in state-backed financial strategies.

Bitcoin May Join Florida State Pension Funds

Patronis argues that Bitcoin, often referred to as “digital gold,” could serve as a powerful diversification tool. The CFO says it could help shield the state’s investments from the volatility typically seen in traditional asset classes.

“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,” read an expert in his letter to Chris Spencer, Executive Director of the Florida State Board of Administration (SBA).

The letter formalizes the SBA’s request to analyze the viability of including Bitcoin and other digital assets in the state’s investment portfolio. This analysis would evaluate the potential risks, benefits, and overall feasibility. This is amid plans to add digital currencies to Florida’s pension funds through a “Digital Currency Investment Pilot Program.”

Patronis says the proposal aligns with Florida’s economic goals. He emphasized innovation and progressive financial strategies as core elements of the state’s investment philosophy. In his letter, Patronis also highlighted Florida’s impressive economic track record. He added that a diversified portfolio, including digital assets, could potentially bolster the state’s finances.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

This approach mirrors steps taken by other states, including Wisconsin and Michigan, where small allocations of pension funds were directed into Bitcoin-focused ETFs (exchange-traded funds). Such funds allow indirect exposure to Bitcoin, letting institutional investors gain from cryptocurrency growth without direct ownership.

Similarly, Arizona has begun legislative efforts to incorporate digital assets into state retirement funds three years after proposing to make Bitcoin legal tender. Notable moves by Wyoming and Nebraska also display a national momentum toward crypto adoption. They have both developed frameworks to attract crypto-friendly businesses and charter digital asset banks.

Patronis cited these examples to illustrate how digital currency investments are gaining mainstream traction, particularly within state financial structures.  Another unmentioned example is Jersey City, which recently opted to invest in a Bitcoin ETF as a hedge for its city pension fund, aiming to mitigate broader financial risks.

These highlights reflect the broader trend of state and municipal bodies cautiously entering the crypto market. They want to capitalize on Bitcoin’s promise as a long-term, inflation-resistant asset.

A Potential Game-Changer for State Pension Funds

The potential inclusion of Bitcoin could help Florida’s pension funds achieve portfolio diversification. At the same time, it aligns with the State’s pro-innovation stance. Patronis pointed to the increased interest in Bitcoin as an inflation hedge and a store of value in both the US and international markets.

Recent developments include South Korea’s National Pension Service investment in MicroStrategy. This illustrates a shifting attitude among institutional investors worldwide. While Bitcoin remains volatile, many advocates argue that its finite supply and growing adoption make it a reliable long-term hedge.

Patronis stated that “a Digital Currency Investment Pilot Program” could initially be established within the Florida Growth Fund. This is a state initiative designed to accommodate more experimental, high-growth investments. If successful, the pilot program could signal a broader shift, allowing more government-backed funds to explore digital assets as viable financial tools.

Meanwhile, Patronis’s proposal comes as discussions around cryptocurrency and national investment policy heat up. Presidential aspirant Donald Trump recently proposed a national Bitcoin reserve. He aimed to establish a central crypto stockpile to enhance the United States’ financial independence.

“It will be the policy of my administration…to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. This will serve in effect as the core of the strategic national bitcoin stockpile…I will be the pro-innovation and pro-Bitcoin candidate that America needs and that our citizens deserve,” Trump said.

Donald Trump’s Plans For Strategic Bitcoin Reserve

This idea has added momentum to crypto advocates’ calls for government-backed digital asset investments. Trump’s proposal, if adopted, would serve as a major endorsement of Bitcoin’s role in institutional investment. It would also bolster its image as a strategic financial asset.

Patronis cited Trump’s stance to reinforce his call for state-level adoption. He suggested that the federal government’s exploration of a Bitcoin reserve could encourage states to incorporate digital assets. In the letter, Patronis also praised Florida’s Governor Ron DeSantis for his proactive measures in preventing central bank digital currencies (CBDCs) from affecting Floridian consumers and investors.

As BeInCrypto reported, DeSantis’s policy push focused on safeguarding citizens from federal control over financial data. He called CBDCs a threat to American liberty, which aligns with Patronis’s emphasis on financial autonomy.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Patronis’s endorsement of Bitcoin marks a noteworthy moment for public sector investment in digital assets. With global inflation concerns and potential economic slowdowns on the horizon, states like Florida are looking for ways to secure and diversify public funds.

It remains to be seen whether this proposal will materialize. For now, Patronis requests that the SBA prepare a detailed report on the risks and advantages of such a pilot initiative.  

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Bull Saylor Hints at Expanding MicroStrategy’s Holdings

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Michael Saylor, co-founder of MicroStrategy, has hinted at the possibility of additional Bitcoin purchases.

In a November 24 post on X (formerly Twitter), Saylor teased the company’s plans following its successful $3 billion fundraising round on November 22.

MicroStrategy’s $3 Billion Raise Could Fuel New Bitcoin Purchases

The Bitcoin bull mentioned that MicroStrategy’s portfolio tracker, SaylorTracker, “needs more green dots.” These markers symbolize the company’s each Bitcoin acquisition, fueling speculation about another significant purchase.

Saylor’s recent hints echo his previous two Sunday posts, which preceded announcements of large-scale Bitcoin acquisitions. During this period, MicroStrategy added approximately 80,000 BTC to its holdings, worth over $6 billion at the time.

MicroStrategy Bitcoin Holdings
MicroStrategy Bitcoin Holdings. Source: SaylorTracker

Meanwhile, the recent $3 billion funding — raised through the issuance of convertible debt — could be instrumental in financing these new acquisitions. The convertible notes, sold privately to institutional investors under US securities laws, will mature on December 1, 2029. These notes carry a 55% premium and an implied strike price of $672 per share of MicroStrategy’s Class A common stock.

Market observers noted that this fundraiser aligns with MicroStrategy’s ambitious “21/21” initiative, which aims to raise $42 billion over three years through a mix of equity and fixed-income instruments.

The company remains the largest Bitcoin-holding public entity, with 331,200 BTC valued at over $32.7 billion. According to Saylor, MicroStrategy’s treasury operations have delivered a year-to-date Bitcoin yield of 41.8%, generating a net benefit of around 79,130 BTC, or roughly 246 BTC daily, without the operational costs associated with mining.

Additionally, this strategy has also bolstered MicroStrategy’s stock performance. MSTR shares have surged over 515% since the start of the year, making it one of the most actively traded stocks in the US.

Saylor emphasized that MicroStrategy’s operations are driven by its Bitcoin holdings, which are optimized through strategic financial tools like ATM offerings, enabling the company to reduce risk and volatility while enhancing shareholder value.

“MicroStrategy is powered by its Bitcoin treasury operations. We sell volatility through our ATM offerings, strip BTC risk, volatility, and performance from our fixed-income securities, and transfer that performance to our MSTR equity holders,” he stated.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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$100K Bitcoin Is Only The Beginning, VanEck Targets $180K

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Recent gains in Bitcoin are owed in part to changes in the political environment, particularly in the US. Incoming US President Donald Trump is backing cryptocurrencies, sparking renewed market optimism among investors.

From reforms in regulatory structures to a proposal for a national Bitcoin reserve, the policies he enforces provide Bitcoin an exceptional outlet for growth in an increasingly open and friendly new landscape. These changes places the US in a strategic position as the world’s leader in crypto innovation while giving a fertile ground for Bitcoin to continue growing.

BTCUSD is currently trading at $97,377. Chart: TradingView

Crypto On The Rise

These possible changes have been well taken by market participants, who have seen the highest market dominance of BTC at 59%. A bill being worked out may permit state-chartered banks to mint stablecoins without seeking prior approval from the Federal Reserve, putting the US in a very commanding position in the race to dominate financial innovation. Furthermore, proposals to deregulate the energy industry may favor crypto mining, which will place the US in a better position in the global race for blockchain.

Historic Rally: BTC Approaching $100K

Bitcoin is trading at nearly $99,850 and is on the verge of the long-awaited $100,000 milestone. Similar to other bull runs, including the one witnessed after the elections in 2020, when the price of Bitcoin nearly doubled in a matter of a few months, some believe institutional interest coupled with friendly economic conditions and increased on-chain activity are the drivers of this phenomenal appreciation of the price of Bitcoin.

Source: VanEck

According to VanEck’s latest report, Bitcoin still is in its early stages of the rally, and there is minimal technical resistance in its way. With investor enthusiasm building, growing calls for the alpha coin to be adopted as a strategic reserve, and with a supportive US government, this rally appears well-positioned to continue. Experts are optimistic that Bitcoin is going to push forward and hit new highs.

The Future Of Bitcoin: Cautious Optimism

Analysts, while acknowledging that momentum is strong, point out that the market may run too hot, and early signs in the development are a rise in funding rates and increased unrealized profits. However, even from this stage, long-term prospects appear bright given strong institutional demand, solid on-chain metrics, and supportive regulatory changes, according to the forecast of $180,000 by VanEck for Bitcoin in the current cycle.

While historical data may indicate the crypto asset’s growth is decelerating as the markets mature, the cryptocurrency still shows hopeful prospects in the near term. So far, this rally displays the confidence of investors and has incrementally acquired recognition regarding Bitcoin’s role in a changed financial sector.

Featured image from CNBC, chart from TradingView





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Bitcoin Whales Remain Determined, $3.96 Billion Worth Of BTC Gobbled Up In 96 Hours

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All eyes are on Bitcoin, especially as many traders continue to anticipate a break above the $100,000 mark. This anticipation has cascaded into a spike in activity, especially among Bitcoin whales. Interestingly, Bitcoin whales are making bold statements amidst the anticipation, with on-chain data pointing to an accumulation of over 40,000 BTC in just 96 hours among this holder cohort.

This interesting accumulation coincides with the Bitcoin price reaching a peak of $99,645 in the last 24 hours, adding further momentum to the narrative of a possible historic price milestone.

Examining The Holding Patterns Of Bitcoin Whales

Bitcoin’s recent price dynamics have put the spotlight on Bitcoin whales. Ali Martinez, a well-known cryptocurrency analyst, drew attention to the remarkable activity of Bitcoin whales on social media platform X.

While highlighting Santiment data, Martinez revealed that Bitcoin whales have bought over 40,000 BTC worth approximately $3.96 billion in the past 96 hours. Notably, the Bitcoin whales referred to in this metric by Santiment consist of addresses holding between 100 and 1,000 BTC. 

Image From X: Ali Martinez

 

This aggressive accumulation comes at a critical juncture for Bitcoin, with prices flirting near the much-anticipated $100,000 mark. Such whale activity typically reduces the available supply of Bitcoin on the open market, which is expected to keep pushing up the Bitcoin price.

Despite the increase in whale accumulation, on-chain data from Glassnode suggests that long-term holders have upped their profit-taking in tandem. Particularly, over 128,000 BTC has been sold by long-term holders since early October.

However, this long-term holder profit taking has so far been offset by the demand from US Spot Bitcoin ETFs. These ETFs have acted as a counterbalance, absorbing nearly 90% of the Bitcoin sold by long-term holders.

Image From X: Glassnode

 

A possible explanation is that long-term holders are exiting their self-custody of Bitcoin and are instead diverting their holdings into Spot Bitcoin ETFs in order to benefit from their regulatory clarity. According to data from SoSoValue, Spot Bitcoin ETFs in the US witnessed consecutive days of inflows throughout last week to bring the total inflow to $3.38 billion, which is the largest weekly inflow since their launch in January 2024. 

Bitcoin is currently trading at $97,493. Chart: TradingView

What’s Next For Bitcoin Price?

Looking ahead, the Bitcoin price is definitely on its way to break above $100,000 in the next few days. However, it remains to be seen what happens after that. Crypto analyst Tony Severino has speculated that the Bitcoin price peak could double within a timeframe of two weeks to two months following the break above $100,000.This prediction is based off of the Bitcoin price performance after it first broke above the $10,000 price level in 2017. 

On the other hand, veteran analyst Peter Brandt suggests there could be some sort of selling pressure among bulls once the Bitcoin price breaks above $100,000. 

“What I had in mind here is the possibility that bulls will sell their BTC sub $100,00 thinking they will buy a correction that does not come, then turn bearish if Bitcoin goes to $120,000 believing price must come down,” he said.

Nevertheless, the current crypto market landscape is set in place for a continued Bitcoin price increase in the next few weeks and months.

Featured image from DALL-E, chart from TradingView



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