Florida’s elected chief financial officer (CFO) and fire marshal, Jimmy Patronis, was so impressed by former president Donald Trump’s grand plan for the United States to create a Bitcoin stockpile that he has directed the State Board of Administration to invest in Bitcoin.
‘Crypto’s Not Going Anywhere’
Speaking on CNBC’s Squawk Box on Thursday, Jimmy Patronis revealed that Florida currently holds around $800 million in “crypto-related” investments in its portfolio.
Patronis stated he “would not be surprised” if the stash grew should Trump secure reelection next week.
During the interview, the Florida official slammed skeptics, positing that those not paying enough attention to crypto were making a “mistake.” He further stressed the state’s commitment to exploring crypto opportunities.
“Crypto’s not going anywhere. It’s not going to contract — it’s going to continue expanding — and I think we’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.” the CFO asserted.
Earlier this week, Patronis proposed in a letter to Florida’s investment managers that the state should direct “a portion of state retirement system monies into cryptocurrency.” He explained that Bitcoin, often considered digital gold, could help diversify the state’s portfolio and provide a safe hedge against fiat currency inflation and a bulwark against central bank digital currencies (CBDCs).
In the letter, Patronis quoted remarks Republican Presidential nominee Donald Trump made in July at the annual Bitcoin conference in Nashville. At the time, Trump promised to create a national stockpile of Bitcoin using coins confiscated via law enforcement actions.
Patronis reiterated the recommendation on Thursday, citing his fiduciary duty to maximize returns on behalf of state employees:
“I need to make sure that we’re doing everything humanly possible to get [state employees] the best return on their investment. And if we’re not being open-minded to what crypto could do to diversify that portfolio, shame on us.”
U.S. State Pension Funds Increasingly Adopting Bitcoin
Florida has long been encouraging cryptocurrency adoption under the administration of Governor Ron DeSantis. In 2022, DeSantis proposed allowing businesses to pay state taxes in Bitcoin in an effort to strengthen Florida’s position as a crypto-friendly state.
However, it’s not the first U.S. governmental body to invest in cryptocurrency-related investment products. In a May 13F filing, the State of Wisconsin Investment Board said it owned at least $160 million in the newly approved spot Bitcoin ETFs.
Meanwhile, Michigan and Jersey City have already made serious moves toward integrating crypto into the pension funds.
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