The San Francisco City Deputy Sheriff’s Association (SFDSA) in the United States announced last April that it would add bitcoin (BTC) to its current investment portfolio.
In that sense, they explained that, after a discussion of the Board of Directors, it was approved to incorporate bitcoin due to the upward trend that, in recent yearsyou’ve had the cryptocurrency.
“Investing in bitcoin, for us, is a very aggressive investment in a volatile market. We carefully considered this decision and even surveyed our members to get their opinion, ” they said in a statement.
They say that it was not an easy decision, but, after the vote, most favored SFDSA investing in bitcoin. The choice of the leading crypto asset, was made among 15 managers, of which, ten members were in favor and five against.
The discussion by SFDSA members took place on April 14, when BTC reached its all-time high of $ 64,804, to then lower its price days later to USD 47,409.
According to SFDSA President Ken Lomba, the subsequent fall in the price of bitcoin was something they knew how to take advantage of.
“We were lucky that a market correction occurred and were able to buy bitcoin at a lower price. I like to say discounted!Lomba added.
They also announced that SFDSA’s nonprofit charity will also accept bitcoin, dogecoin (DOGE) and other cryptocurrencies. In this way they hope to attract the attention of renowned entrepreneurs such as Mark Cuban, owner of the Dallas Mavericks and investor in several cryptocurrencies, or Jack Dorsey, CEO of Twitter and renowned bitcoiner, to donate some cryptoassets to the charity, they indicated.
Among other things, the SFDSA is an organization tasked with identifying the needs of the police community, protecting the rights and benefits of officers, negotiating better collective bargaining agreements with the city, and improving working conditions for security officers.
Police pension funds also rely on BTC
SFDSA members are not the first in the law enforcement arena to invest in bitcoin and other cryptocurrencies in the United States.
According to renowned bitcoin promoter Anthony Pompliano, the first to do it it was the Fairfax County Police Pension Fund.
In fact, in the year 2019, CriptoNoticias reported that Pompliano’s firm Morgan Creek Digital created a 40 million venture capital fund, in conjunction with two pension plans, among those, that of the Fairfax police.