On October 29, 2024, Florida's Chief Financial Officer, Jimmy Patronis, formally requested the state's pension fund managers to evaluate investing in Bitcoin, potentially positioning it as a strategic reserve asset. This proposal follows former President Donald Trump's advocacy for a national Bitcoin stockpile, citing geopolitical concerns regarding China's influence in the crypto sector.
Patronis emphasized Florida's strong economic standing, noting it would rank as the 16th largest economy globally if it were a sovereign nation. He pointed out that other states, such as Wisconsin and Michigan, have already begun investing small portions of their pension funds in cryptocurrency, with Wisconsin allocating $164 million to Bitcoin ETFs.
In his letter to the Florida State Board of Administration (SBA), Patronis requested a comprehensive report on the feasibility and risks of directing state retirement funds into digital assets. He highlighted Bitcoin's potential as a hedge against market volatility and its alignment with Governor Ron DeSantis's opposition to central bank digital currencies (CBDCs), framing it as a decentralized alternative.
Patronis concluded by stressing the importance of securing the best returns for Florida's public servants, advocating for innovative investment strategies to ensure financial stability.