Florida Chief Financial Officer (CFO) Jimmy Patronis wants to include Bitcoin (BTC) in the state’s pension fund investments.

To that end, he has sent a formal request to Chris Spencer, the Executive Director of Florida’s State Board of Administration, highlighting the need for a digital currency investment pilot program.

CFO Wants Bitcoin Feasibility Study

In his letter, Patronis outlined the rationale behind Bitcoin’s inclusion in the state’s portfolio. He noted Florida’s consistent Triple-A bond rating, record state reserves, and an economy that could see it rank as the 16th-largest globally if it were a country.

According to him, these factors put the state in a great position to consider new investment strategies, with Bitcoin an excellent tool for buffering the volatility often present in traditional asset classes.

He suggested that adding the world’s largest and oldest digital asset to the state’s investment portfolio could offer a safeguard for key public workers by positioning their pensions against broader market instabilities.

“When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians. This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling.”

The CFO asked Spencer and the State Board of Administration to assess the feasibility of integrating Bitcoin investments into Florida’s public funds. He stated that such an exploration would determine the risks and advantages associated with the asset and give lawmakers the essential information needed to make an informed decision ahead of the next legislative session.

Proposal Inspired By Donald Trump

To support his proposal, Patronis referenced moves by states like Wisconsin and Michigan, which recently allocated portions of their pension funds to Bitcoin.

Wisconsin invested $164 million in spot Bitcoin ETFs offered by Grayscale (GBTC) and BlackRock (IBIT), which represents just 0.1% of its pension assets. It later added another 447,651 IBIT shares while announcing it had fully divested from Grayscale. Michigan also jumped on the bandwagon, buying shares in ARK 21’s spot Bitcoin ETF.

Similar initiatives have also been launched in other states, including Arizona, where legislators are encouraging pension fund managers to include crypto assets in their portfolios.

Further, the high-ranking state executive name-dropped Donald Trump as an inspiration for his proposal. He cited the Republican presidential candidate’s speech at the 2024 Bitcoin Conference in Nashville, Tennessee, where he put forward the idea of a national strategic Bitcoin stockpile and vowed to push the United States to the helm of the global crypto industry.

Patronis also noted Florida Governor Ron Desantis’ move to reinforce the state’s crypto-friendly stance by enacting legislation against Central Bank Digital Currencies (CBDCs), which he suggested were the opposite of what Bitcoin and other cryptocurrencies stand for.

Bitcoin is closing in on its March all-time high as the crypto market gets fired up about next week’s election.

Traders are piling into BTC as Donald Trump, considered the more pro-crypto of the two candidates, looks to be leading in the polls.

Meanwhile, new meme coin Crypto All-Stars is gaining traction at just the right time – with its ICO raising over $2.8 million.

Bitcoin Eyes New All-Time High as Bulls Take Control

Bitcoin’s (BTC) march higher continues, with the OG crypto now trading at $71,100 after shaking off last week’s dip.

The coin has bounced back strongly, up over 8% from Friday’s low and touching its highest level since early June.

BTC’s momentum is hard to ignore.

It’s now eyeing its fourth straight day in the green, and the coin’s technicals look primed for more upside.

On the 4-hour chart, BTC broke out of a bull flag pattern, suggesting there could be more room to run.

The coin’s proximity to March’s peak is what’s really getting traders excited.

At the current price, Bitcoin is just 3% shy of its all-time high of $73,750.

The derivatives market is also telling an interesting story, with open interest hitting unprecedented levels above $23 billion.

This surge in trading activity points to heavy institutional involvement, which could add extra fuel to Bitcoin’s rally.

Trump’s Pro-Crypto Vision Prompts Market Rally Ahead of Election

Bitcoin’s surge comes as investors turn their attention to next week’s presidential showdown between Trump and Harris.

And there’s a clear favorite in the crypto market.

Trump has been making headlines with bold promises to transform America into what he calls “the crypto capital of the planet” and a “Bitcoin superpower,” prompting excitement from investors.

Popular influencers are taking note, too.

$BTC sitting at ATH while the most crypto-infra bullish president hasn’t been elected yet.

Are you connecting the dots?!

— The Crypto Monk (@thecryptomonk) October 29, 2024

The Crypto Monk, who has a Twitter following of 163,000+, recently tweeted about BTC being near all-time highs before Trump has even been elected.

This tweet suggests he thinks the market might just be getting warmed up.

Ultimately, while Harris has made some positive noises about encouraging “innovative technologies,” her ties to the current administration’s stricter approach have most investors betting on Trump.

With Polymarket’s polls suggesting he’s in the lead, markets appear to be pricing in the possibility of a crypto-friendly president.

Crypto All-Stars ICO Raises $2.8M on Election Hype as High-Yield Staking Platform Draws Praise

The crypto rally is also benefiting newer projects – and Crypto All-Stars (STARS) is one of them.

Crypto All-Stars’ ICO just crossed the $2.8 million mark as investors eye potential regulatory shifts if Trump becomes president.

The project’s MemeVault platform could capitalize on his pro-crypto stance.

His promises could open the floodgates for staking platforms like this, where users can put their meme coins to work earning STARS tokens on multiple chains.

This setup is already gaining traction, with over 1.3 billion tokens staked.

Security hasn’t been overlooked either, with audits from SolidProof and Coinsult giving STARS’ smart contracts a clean bill of health.

And with 17,000+ followers on Twitter, the project is beginning to get attention on social media.

ClayBro, a popular crypto YouTuber, recently discussed STARS in a video.

He praised its MemeVault platform and speculated the token could be “set to soar” in the next meme coin rally.

With Bitcoin rallying and Trump looking set to win back the presidency, Crypto All-Stars could be in the right place at the right time.

Visit Crypto All-Stars Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

[PRESS RELEASE – Whitefish, Montana, October 29th, 2024]

ARQ Securities is pleased to announce it has received its Digital Alternative Trading System (ARQ Securities ATS) and is launching the platform on Liquidity.io [today October 29th, 2024].

Liquidity.io is a cutting-edge platform designed to revolutionize the trading and settlement of private credit and private stock for accredited and institutional investors. It took nearly three years of extensive software development while acquiring all necessary regulatory approvals to finally take the platform live. Additionally, the Liquidity Transfer Agency bridges transactions to public blockchains like Solana, Polygon, and soon Avalanche.

“The approval of our digital ATS license is a monumental step forward in our mission to transform the private markets,” said Eric Choi, CEO of ARQ Securities. “Liquidity.io will provide institutional and accredited investors with unprecedented access to Private Assets that are hard to trade and settle. We are going to set a new standard for efficiency and liquidity in credit and private stock. We’re excited to launch with over a billion dollars in Letters of Intent from key industry players and look forward to growing our pipeline of assets in 2025.”

“Liquidity.io creates a seamless and secure environment for trading private assets,” added Ram Praturi, VP of Engineering at Liquidity.io. “By bridging our Liquidity Transfer Agency to Solana, Polygon, and soon Avalanche, we’re ensuring transparency, interoperability, and flexibility for our issuers and investors.”

ThinkEnergy Debuts as Liquidity.io’s Inaugural Issuance: A Milestone in Sustainable Energy Investments

With its groundbreaking refining technology that reduces CO2 emissions by 50%, ThinkEnergy exemplifies our commitment to investments that offer financial returns while positively impacting the global energy landscape. This opportunity allows investors to join ThinkEnergy’s transformative mission toward a more sustainable and efficient energy sector.

Focus on Private Credit and Private Stock

Liquidity.io will initially concentrate on two key asset classes: private credit and private stock, offering institutional and accredited investors a streamlined and transparent way to trade these traditionally illiquid assets. The private credit market has seen significant growth, driven by investors seeking higher yields and diversification. However, the lack of standardized processes and limited transparency have been persistent challenges. Liquidity.io aims to address these issues by leveraging its digital platform to document and automate the trading and settlement processes, thereby reducing operational complexity and improving liquidity.

Strategic Partnerships and Advanced Technology

Over the past year, ARQ Securities has forged strategic partnerships with players in the private credit and private equity sectors, collecting over a billion dollars in Letters of Intent to list on the platform, including:

• Leading private credit originators with significant portfolios, who have committed to listing their assets on Liquidity.io.
• Multiple private companies seeking to provide liquidity options for their shareholders through the platform.
• Various banks, broker-dealers, and registered investment advisors (RIAs) are interested in utilizing Liquidity.io for the efficient execution of private asset transactions.

Looking Forward

With the digital ATS license secured and the launch of Liquidity.io imminent, ARQ Securities is poised to transform the trading landscape for private credit and private stock markets. We encourage interested parties to contact us to explore listing opportunities and to discuss assets available on our platform at launch. If you manage a private asset class with complex settlement processes, we invite you to partner with us to automate these procedures. Our company is enthusiastic about fostering partnerships and seeking new opportunities to offer issuers and investors more efficient and transparent access.

For more information or to discuss partnership opportunities, interested parties can contact:

Eric Choi, ARQ Securities: CEO, https://www.linkedin.com/in/eric-choi-10750241/

Austin Trombley, Satschel, Inc: CEO, https://www.linkedin.com/in/austintrombley/

For more information about ARQ Securities and Liquidity.io, visit www.liquidity.io.

About ARQ Securities:

ARQ Securities LLC., a subsidiary of Satschel, Inc., is at the forefront of financial technology, dedicated to reshaping the future of securities trading through innovation and efficiency. With a focus on digital asset tokenization and alternative trading systems, ARQ Securities is committed to empowering issuers, brokers, and investors with cutting-edge platforms and solutions.