Unchained Unconfirmed: Should NYC’s Pension Funds Invest in Crypto? This Comptroller Candidate Says Yes - Ep.235
May 7, 2021
Reshma Patel, a Democratic candidate for New York City Comptroller, proposes a bold plan to invest pension funds in cryptocurrencies and blockchain technology. She outlines how these investments can boost NYC's economy and improve municipal governance. Reshma discusses the challenges in city contracting and how blockchain can enhance transparency. She shares insights on the need for NYC to compete in the crypto space and why she can't accept crypto donations for her campaign. It's an engaging conversation about the future of finance in the city!
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NYC Controller's Role
- The New York City Controller serves as the chief financial officer and auditor, managing a $250 billion pension fund.
- They oversee an $118 billion capital program, 55 agencies, and all city contracts, ensuring accountability.
Future-Proof Plan
- Reshma Patel's "future-proof" plan involves using blockchain for transparency and investing in crypto.
- She believes this can diversify the city's pension fund and hedge against inflation.
Investing Pension Funds
- Investing pension funds in crypto requires trustee approval and careful consideration by an investment committee.
- Patel suggests a diversified approach, including Bitcoin, Ethereum, and potentially other options.