Florida’s CFO has proposed adding Bitcoin and other digital assets to the state’s pension funds. Jimmy Patronis, in a recent letter to Chris Spencer, Executive Director of the Florida State Board of Administration (SBA), urged an evaluation of digital assets as potential additions to the state’s investment portfolio.
The letter highlights Florida’s status as a leader in economic growth, suggesting that incorporating digital assets could offer new opportunities for the state’s pension fund. Patronis pointed out that Bitcoin, often referred to as “digital gold,” might diversify and strengthen Florida’s investments. He also proposed a Digital Currency Investment Pilot Program within the Florida Growth Fund to support innovative asset classes.
This proposal aligns with similar moves in other states, such as Wisconsin, Michigan, Arizona, Wyoming, and Nebraska, which are exploring or investing in digital assets within public funds. Wisconsin and Michigan, for instance, have already allocated a small portion of their pension funds to digital assets, while Arizona is working on legislation to include cryptocurrencies in its state retirement fund.
Patronis also referenced Governor Ron DeSantis’s recent efforts to restrict federal influence over digital currencies, particularly central bank digital currencies (CBDCs), underscoring the potential of decentralized currencies to enhance financial autonomy for Floridians.
In conclusion, Patronis requested that the SBA produce a detailed report on the potential impact of incorporating digital assets in the state portfolio to inform decision-making ahead of the next legislative session.
