PANews reported on October 30 that according to Crypto Briefing, Jimmy Patronis, Chief Financial Officer of the State of Florida, wrote to Chris Spencer, Executive Director of the Florida Government Management Commission, asking the Government Management Commission to submit a report to explore the possibility of using Bitcoin and other digital assets as viable investments for state pension funds.
Patronis cited Florida's strong economic performance and history of innovation as reasons to explore the potential of cryptocurrency investments. He argued that Bitcoin, often referred to as "digital gold," could diversify the state's portfolio and provide a hedge against the volatility of other asset classes. He suggested that the "Digital Currency Investment Pilot Program" would be a good fit for the Florida Growth Fund, which allows for more innovative and emerging investments. Patronis' letter highlights recent developments in the cryptocurrency space, including President Trump's proposed national cryptocurrency reserve plan and Governor DeSantis' efforts to protect Florida residents from the impact of central bank digital currencies (CBDCs).
The letter also points to other states that have taken action to invest in cryptocurrencies. Wisconsin and Michigan have invested a small portion of their pension funds in cryptocurrencies, while the Arizona Senate has advanced work to include cryptocurrencies in state retirement funds. In addition, Wyoming and Nebraska have enacted laws to attract the cryptocurrency mining industry, including developing a framework for chartering crypto banks.
