Florida CFO Backs Trump’s Bitcoin Vision, Calls for Digital Asset in State Pension

• Flordia’s Chief Financial Officer has called for Bitcoin to be integrated into the state’s pension fund.
• Jimmy Patronis backed Donald Trump’s Bitcoin vision.
• Wisconsin and Michigan have allocated a small portion of their pension funds to crypto investment.

Florida Chief Financial Officer Jimmy Patronis has endorsed Trump’s Bitcoin vision, including the creation of a strategic Bitcoin reserve.

The CFO has also called for Bitcoin to be integrated into the state’s pension fund, a new proposal that could make Florida one of the leading crypto-innovative states.

Potential Crypto Pension Fund

In a new letter penned to Chris Spencer, Executive Director of the Florida State Board of Administration, Patronis made a case for Bitcoin’s place in the state’s pension fund.

The Florida Growth Fund, run by the administration to oversee investments, would have its portfolio diversified by including Bitcoin, Patronis argued.

“…and provide a secure hedge against the volatility of other major asset classes,” Patronis said.

The CFO highlighted two other states, Wisconsin and Michigan, that have included investing a “small portion of their pension funds into cryptocurrency.”

“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 Floridans,” Patronis added.

Florida State Needs Bitcoin

Patronis echoed the vision Trump made during the Bitcoin 2024 convention.

“President Donald Trump proposed the idea of a national stockpile of cryptocurrency, vowing to make the U.S. the world’s cryptocurrency leader,” Patronis wrote.

Trump believes holding Bitcoin in reserve could counteract inflation, which he attributes to the weakening dollar, and potentially support national debt reduction.

The Republican candidate said that the stockpile could be built using crypto assets seized during law enforcement actions.

However, critics have argued that this approach could clash with existing laws on asset forfeiture, which typically require that seized assets be sold to compensate crime victims.

“I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” Patronis wrote.