Florida considers Bitcoin for state retirement investments

If implemented, Florida would join states like Wisconsin and Michigan, which have already added Bitcoin to their retirement portfolios.

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Florida’s Chief Financial Officer, Jimmy Patronis, has proposed a potential shift towards cryptocurrency by encouraging the state’s retirement funds to consider investing in Bitcoin. In a letter to the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin as ‘digital gold’ and a secure hedge that could diversify the state’s portfolio. He has requested the SBA assess the feasibility, risks, and advantages of this investment strategy ahead of the legislative session scheduled for March 2025.

The Florida Retirement System Trust Fund, managed by the SBA and valued at approximately $205 billion, could benefit from such a shift. Patronis suggested that a portion of this fund could be allocated to a “Digital Currency Investment Pilot Program” through the Florida Growth Fund, which has already invested nearly $1 billion in high-growth areas over the past year.

Patronis noted that adding Bitcoin aligns with Florida’s broader opposition to central bank digital currencies (CBDCs) and could offer strong returns for public employees. Should Florida move forward, it would join other states, like Wisconsin and Michigan, which have already included Bitcoin in their retirement fund portfolios.