Florida Chief Financial Officer Proposes Bitcoin Strategy for State’s Pension Fund

Jimmy Patronise, Florida’s Chief Financial Officer, has spearheaded a Bitcoin investment advocacy, calling on the State’s Board of Administration to consider investing in the nascent sector.

Patronise sold portfolio diversification to Chris Spenser, the executive director of the Florida State Board of Administration, in a letter on October 29. While citing the financial abundance of the US-based state, the CFO proposed dabbling some of Florida’s state retirement system funds into Bitcoin, the largest cryptocurrency by market cap.

Patronise Describes Bitcoin as Digital Gold

In the letter, the Florida CFO noted that Bitcoin is considered digital gold and possesses certain admirable qualities. Among them is the cryptocurrency’s ability to hedge against the volatility of other asset classes.

Patronise further stated that Bitcoin’s price overperformance acumen would offer the best return on investments for Florida’s retiring teachers, firefighters, and police officers. He noted that digital assets were in their nascent stages, and the best Florida could do was embrace the exciting opportunities the sector provides.

Meanwhile, the CFO mentioned other states that have adopted the Bitcoin investment strategy, persuading the state to follow suit. He noted that Wisconsin and Michigan have ventured into throwing some of their pension funds into Bitcoin, while Arizona is currently deliberating on the concept.

CFO Drew Inspiration from Donald Trump

Patronise’s letter states that he drew inspiration from Republican presidential nominee Donald Trump. The Florida trustee noted that the former president’s disclosure regarding creating a Bitcoin reserve in the United States at the Bitcoin 2024 conference was something “that must not be taken for granted.”

Notably, Trump proposed making America the crypto capital of the world and tackling regulation, crypto’s biggest issue in the country. The former president’s crypto endeavors have endeared him to the community, and Patronise stated that he believes in the “forethought and innovative thinking from a successful businessman like President Trump.”

Meanwhile, Patronise asked the State Board of Administration (SBA) to consider his request, as it would put Florida at the forefront of innovation adoption. He also asked that the request be sent to lawmakers so they can get acclimated to the issue before the next legislative session.