1. United States
2. N.C.
3. Letter

Investing billions of dollars from the state pension plan and other public funds in cryptocurrency ETFs poses serious risks that could jeopardize the financial security of hundreds of thousands of current and retired state employees. While the stated goal is to seek higher returns, cryptocurrencies like Bitcoin have proven to be extremely volatile, with major exchanges collapsing and vast sums disappearing. Even experienced investors have suffered heavy losses in the crypto market. The State Employees Association of North Carolina vocalized valid concerns that Bitcoin has fluctuated wildly, making it an unsuitable investment for pensions that workers are relying on. Lawmakers themselves acknowledged a lack of understanding about cryptocurrencies and doubts about their safety. Despite the Treasurer's credentials, no amount of expertise can insulate public funds from the inherent instability of these speculative assets. Prudent stewardship of employees' retirement savings should take precedence over chasing risky investments with potential for high returns but also catastrophic losses. The state has a responsibility to safeguard pensions through stable, time-tested investment strategies rather than gambling on the vagaries of the crypto market. I urge reconsideration of this ill-advised proposal that puts the financial futures of hard-working public servants at unnecessary risk.