Florida CFO requests report on potential for investing some state retirement system funds into digital assets

Florida Chief Financial Officer Jimmy Patronis asked the State Board of Administration to furnish a report examining the feasibility, risk and possible benefits of allocating a portion of state retirement system funds to digital assets.

"As a Trustee over the State Board of Administration, please consider this letter as a request to the SBA to provide a report on the feasibility, risk, and potential benefits of directing a portion of state retirement system monies into digital asset classes," Patronis wrote in a letter to Chris Spencer, the executive director of the State Board of Administration.

Patronis specifically mentions bitcoin in the letter.

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"When managing state pensions for firefighters, teachers, and police officers, it's also essential to prioritize the bottom line and ensure the best return on investment for Floridians," he noted. "This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling. 

"Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes. The State Board of Administration maintains a Florida Growth Fund that allows for more innovative and emerging investments, and a Digital Currency Investment Pilot Program could be a perfect fit, offering potential benefits we cannot afford to overlook," he continued.

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Patronis took note of former President Trump's speech at the bitcoin conference in Nashville, Tennessee, earlier this year. 

Trump pledged that if he wins the presidential election, his administration will adopt a policy for the U.S. government to retain all of the bitcoin it already holds and all of the bitcoin it obtains going forward.

"This will serve, in effect, as the core of the strategic national bitcoin stockpile," Trump declared.

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Patronis is also the state fire marshal.

"There's no telling what the future of cryptocurrency will be, but it's important that the State of Florida stays ahead of the curve when considering new investments and providing the best returns for Floridians," he noted.