On October 30, 2024, in Florida, Chief Financial Officer Jimmy Patronis requested the State Board of Administration (SBA) to explore investing a portion of the state's retirement funds in Bitcoin. This move comes as Bitcoin approaches a five-month high, influenced by market sentiment surrounding the upcoming U.S. presidential election.
Patronis emphasized Bitcoin's potential as a 'digital gold' to diversify the state's portfolio and hedge against volatility in traditional assets. He proposed creating a Digital Currency Investment Pilot Program as part of the Florida Growth Fund, which could allocate up to 1.5% of the Florida Retirement System Trust Fund's $205 billion in assets.
The SBA had invested approximately $998 million in high-growth investments between 2022 and 2023. Patronis's initiative aligns with Governor Ron DeSantis's anti-CBDC stance and reflects a growing trend among U.S. states exploring crypto investments in their pension systems.
If approved, Florida would join states like Wisconsin and Michigan, which have already incorporated crypto assets into their retirement portfolios. Wisconsin invested $164 million in Bitcoin ETFs, while Michigan's system holds 110,000 shares in a Bitcoin ETF.