Florida Chief Financial Officer Jimmy Patronis is advocating for the state’s retirement fund management agency to consider investing in Bitcoin, joining a trend among U.S. states exploring cryptocurrency for their portfolios.
In an October 29 letter to Chris Spencer, executive director of the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin as “digital gold” and called for a report on the feasibility and risks of allocating a portion of state retirement funds to digital assets before the legislative session starting March 4, 2025.
The SBA manages over 30 funds, including the Florida Retirement System Trust Fund, which has around $205 billion in assets. Patronis suggested launching a “Digital Currency Investment Pilot Program” under the Florida Growth Fund, which could use up to 1.5% of the retirement trust fund.
He emphasized the importance of maximizing returns for state pensions while aligning with Governor Ron DeSantis’ opposition to central bank digital currencies (CBDCs). If approved, Florida would follow states like Wisconsin and Michigan, which have already invested in Bitcoin ETFs, further signaling a shift towards cryptocurrency in institutional investment strategies.
