Florida’s chief financial officer (CFO) has proposed exploring crypto investments for state retirement funds, taking inspiration from Republican presidential candidate Donald Trump’s advocacy for a national Bitcoin reserve.
“I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” said Jimmy Patronis, Florida’s CFO, in a recent letter to the executive director of Florida’s State Board of Administration. Patronis highlighted Bitcoin’s reputation as “digital gold” and pointed to its potential to diversify state assets, potentially acting as a hedge against traditional market volatility.
In the letter, Patronis suggested that the organization managing pensions for Florida’s retired public workers, including firefighters and teachers, investigate the role of crypto in enhancing the state’s portfolio. He emphasized the “potential benefits we cannot afford to overlook.”
As one of three trustees overseeing the state pension funds, Patronis, along with the governor and state attorney general, requested a detailed report on this proposal for lawmakers to review in the upcoming legislative session. Florida would join other states, such as Wisconsin and Michigan, if it moves forward with incorporating crypto into its state-managed funds.
“There’s no telling what the future of cryptocurrency will be, but it’s important that the State of Florida stays ahead of the curve when considering new investments and providing the best returns for Floridians,” Patronis wrote.
Earlier this year, Patronis attended a Bitcoin conference in Nashville, where former President Trump spoke on the idea of a U.S. Bitcoin reserve. Although the proposal hasn’t seen substantial legislative progress, it has sparked discussions among U.S. lawmakers on crypto’s role in national reserves and financial strategy.