Jimmy Patronis says his letter follows former President Donald Trump’s plans for a national stockpile of Bitcoin.
Florida’s Chief Financial Officer, Jimmy Patronis, has formally requested that the State Board of Administration (SBA) conduct a feasibility study on potentially allocating a portion of the state’s retirement funds to cryptocurrency investments, with a focus on Bitcoin.
Often described as “digital gold,” Bitcoin could serve as a valuable addition to the state’s investment portfolio, providing a hedge against traditional asset class volatility, Patronis noted in his letter on Tuesday. The request comes as Bitcoin recently surged to a five-month high, driven by market sentiment and speculation surrounding the upcoming U.S. presidential election. Former President Donald Trump’s support for crypto-friendly policies has fueled expectations of major market shifts tied to election results.
Patronis’s proposal also referenced Trump’s comments at the Bitcoin 2024 conference in Nashville, where he suggested building a national Bitcoin reserve with digital assets seized by law enforcement. If re-elected, Trump pledged to retain any Bitcoin currently held by the U.S. government to form a “strategic national bitcoin stockpile.”
In his proposal, Patronis recommended that the SBA consider launching a Digital Currency Investment Pilot Program within the Florida Growth Fund to assess the practicality of including cryptocurrency in the state’s pension system. “This program could deliver unique benefits that we can’t afford to ignore,” he stated.
The Florida Growth Fund, created by the Florida Technology and Growth Act of 2008, allows up to 1.5% of the state’s pension fund assets to be invested in tech and growth-focused enterprises within Florida. Patronis highlighted that this initiative aligns well with Governor Ron DeSantis’s stance against Central Bank Digital Currencies (CBDCs) and emphasized that cryptocurrencies, managed on blockchain, offer decentralized financial control.
Under DeSantis’s leadership, Florida has consistently aimed to foster a crypto-friendly environment. In 2022, DeSantis proposed allowing businesses to pay state taxes using Bitcoin. For Patronis, “The goal is always maximizing returns for Florida’s retirees, including teachers, firefighters, and police officers,” making Bitcoin a potentially viable investment option.
Patronis’s letter also noted that other states have shown interest in crypto for public funds, with Michigan, Wisconsin, Arizona, and Jersey City taking preliminary steps toward crypto-inclusive pensions. States like Wyoming and Nebraska have established favorable regulations to attract blockchain companies, a path Florida may benefit from exploring.
Patronis has requested the SBA’s feasibility report ahead of the next legislative session, signaling an important step in potentially modernizing Florida’s approach to state retirement fund management.