New York, Wednesday, November 06, 2024 – Florida’s Chief Financial Officer (CFO), Jimmy Patronis, is advocating for Bitcoin to be included in the state’s pension fund investments.
Patronis sent a formal request to Chris Spencer, Executive Director of Florida’s State Board of Administration, proposing a pilot program to assess Bitcoin’s potential in diversifying the state’s investment strategy.
In his request, Patronis outlined how Florida’s strong financial position — marked by a Triple-A bond rating and record-high state reserves — makes it well-suited to explore innovative investments. He argued that Bitcoin could offer a protective layer against the volatility seen in traditional markets, potentially benefiting public workers’ pensions by providing a hedge against economic fluctuations.
Patronis says that when managing pensions for public servants like firefighters, teachers, and police officers, maximizing returns is essential. He holds that Bitcoin’s potential as an alternative asset could enhance these returns.
The CFO also proposed a feasibility study to analyze Bitcoin’s risks and rewards, aiming to equip lawmakers with the data they need ahead of the next legislative session.
The proposal is inspired in part by Republican candidate Donald Trump, who suggested a national Bitcoin stockpile at the 2024 Bitcoin Conference. Patronis also highlighted similar actions by Wisconsin and Michigan, both of which have allocated a portion of their pension funds to Bitcoin-based exchange-traded funds (ETFs).
Patronis also referenced Governor Ron DeSantis’ recent legislation opposing Central Bank Digital Currencies (CBDCs), emphasizing Florida’s commitment to a crypto-friendly environment that aligns with Bitcoin’s decentralized ethos.
