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The top financial official for Florida was so impressed by Trump’s rhetoric on the U.S. building a bitcoin stockpile that he wants to shift some state pension money into crypto.
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Florida Chief Financial Officer Jimmy Patronis said in a letter to the state’s investment managers that they should check out that option.
Florida’s chief financial officer proposed that the funds that support retired state workers should dabble in crypto, inspired by Republican presidential candidate Donald Trump’s support for the U.S. government stockpiling bitcoin (BTC).
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“I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” state CFO Jimmy Patronis said in a letter to the executive director of Florida’s State Board of Administration, advocating for his state to join others that have already made such investments. “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.”
He suggested the organization that manages the state pensions that serve Florida’s retired firefighters, teachers and other public workers should study how crypto investing may fit into one of its funds and offer “potential benefits we cannot afford to overlook,” according to the letter dated on Tuesday.
Patronis, who is one of three trustees along with the governor and state attorney general, asked the organization to come back with a report that can inform state lawmakers before the next session. If Florida were to make that change, it would follow in the footsteps of states such as Wisconsin and Michigan.
“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 wrote.
Patronis indicated he’d been inspired by Trump’s rhetoric earlier this year at a prominent Bitcoin conference in Nashville, where the former president spoke of a strategic crypto reserve for the U.S. Such an idea has also been discussed by U.S. lawmakers, though it hasn’t yet made significant progress.
