Florida’s Chief Financial Officer, Jimmy Patronis, has proposed an innovative step for managing the state’s retirement funds. In a recent letter to Chris Spencer, the executive director of the Florida State Board of Administration (SBA), Patronis advocated for the inclusion of Bitcoin in the state’s investment strategy, labeling it as ‘digital gold.’ He highlighted its potential to diversify and stabilize the state’s portfolio against other asset volatilities.

Patronis has urged the SBA to explore the viability of incorporating digital assets into the Florida Retirement System Trust Fund through a “Digital Currency Investment Pilot Program.” This move is aimed at maximizing returns for state employees such as firefighters, teachers, and police officers. The Florida Growth Fund, which previously invested nearly $1 billion into high-growth ventures, could serve as the conduit for these digital investments.

Aligning with Governor Ron DeSantis’s stance on decentralizing monetary control, this strategic pivot to cryptocurrency seeks to fortify the $205 billion fund against future economic fluctuations, offering a robust alternative to conventional assets before the next legislative session in March 2025.