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2021.04.19

U.S. New York Accounting Auditor Candidate, Putting Virtual Currency Management of Some Pension Funds in Policy

Reshma Patel, who is running for accounting auditor in New York City, has set up a policy to utilize crypto assets (virtual currency) and blockchain. He mentioned investing a part of the city’s pension fund in virtual currency, investing in blockchain, and improving the city’s procurement system by blockchain.       When elected as a comptroller, Patel said that for each of the five New York City retirement funds, 1-3% of all assets would be “bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies that are generally trusted. He wants to invest in “currency”.

Patel explains on the official website why:

Bitcoin, which has a cap, provides investors with an inflation hedging role, a trend that could deepen if further stimulus measures are needed in the United States. Some of the leading listed companies, such as Tesla, have already invested some of their financial assets in Bitcoin.

Patel also said that it would consider the environmental burden. He mentioned that cryptocurrencies may be dependent on fossil fuel energy, and wants to prioritize investment in cryptocurrencies and blockchain companies that are taking measures against the environmental impact of energy consumption. State.

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