Florida CFO Advocates for Bitcoin in State Pension Funds

Florida’s Chief Financial Officer, Jimmy Patronis, is advocating for Bitcoin as a possible addition to the state’s retirement fund portfolio.

He recently sent a letter to the Florida State Board of Administration (SBA), urging them to explore whether digital assets like Bitcoin could strengthen the state’s investments for retired public workers, such as teachers, firefighters, and police officers.

Patronis Advocates Bitcoin for State Holdings Diversification

Patronis sees Bitcoin as “digital gold,” a tool that could potentially diversify the state’s holdings. And provide a safety net against the ups and downs of traditional assets. Patronis also suggested the SBA look into how feasible and beneficial this type of investment could be.

Interestingly, Patronis also proposed a “Digital Currency Investment Pilot Program” within the Florida Growth Fund. The fund is already permitted to allocate a small portion of retirement funds into high-growth investments.

Patronis wrote in his letter, “When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians. This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling.”

More States Embrace Bitcoin

Recent moves from other states, like Wisconsin and Michigan, seem to influence the idea. These states have already embraced digital assets with small crypto investments. Wisconsin, for instance, put $164 million into Bitcoin-focused ETFs earlier this year. And Michigan got in with shares in an ETF backed by ARK 21Shares.

There’s no telling what the future of #cryptocurrency will be, but FL must stay ahead of the curve on getting the best returns for Floridians. Today, I sent a letter to @FloridaSBA requesting a report on digital currencies. #BTC #Bitcoin

➡️ Read more: https://t.co/4JBL6WBtq1

— Jimmy Patronis (@JimmyPatronis) October 29, 2024

In his letter, Patronis highlighted that Bitcoin could align with the state’s broader stance on central bank digital currencies (CBDCs) . Florida’s governor, Ron DeSantis, has been against CBDCs, but most see Bitcoin as a greater alternative.

Patronis hopes Florida won’t miss out on the growing crypto wave, especially given its potential benefits to the state’s returns. The SBA is expected to deliver a report by early next year, potentially opening up a new chapter for Florida’s investment strategy.

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