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- The CFO of Florida proposes Bitcoin and digital assets in the state pension funds.
- SBA to draw a comprehensive report on the implications of integrating digital assets.
In a recent letter, Jimmy Patronis, Florida’s CFO, requested that Bitcoin and other digital assets be considered part of the state’s pension fund. It addressed Chris Spencer, the Executive Director of the Florida State Board of Administration.
Moreover, the letter emphasized Florida’s position as a leader in economic growth, persuading the state to evaluate the opportunities digital assets could bring to the state’s pension funds.
Patronis mentioned that Bitcoin is often called digital gold, a potentially valuable asset to diversify Florida’s investment portfolio. He further proposed a Digital Currency Investment Pilot Program under the Florida Growth Fund. It supports the emerging and innovative investment types.
It’s pivotal to note that the CFO’s appeal comes when other states like Wisconsin, Michigan, Arizona, Wyoming, and Nebraska have made moves to explore digital assets for public funds and promote crypto-related industries.
Besides, Wisconsin and Michigan have allocated small portions of their pension funds to digital assets. Arizona is advancing legislation to include crypto assets in its state retirement fund.
On the other side, Patronis has referenced Florida Governor Ron DeSantis’s recent legislative moves to limit federal control over digital currencies, specifically central bank digital currencies (CBDCs). Furthermore, Patronis argued in his letter that Bitcoin and other decentralized currencies could offer Floridians better autonomy in finance.
Conclusively, he has requested SBA to draw on a complete report on the implications of integrating digital assets into the state’s portfolio. The report aims to provide the board and lawmakers with adequate information before the next legislative session.
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