He further highlights Trump’s visionary lead. “Trump said he would establish a crypto presidential advisory council and create a national “stockpile” of Bitcoin using cryptocurrency the US government currently holds, mostly seized in law enforcement actions. I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” Patronis writes.
Florida’s CFO emphasizes that Florida’s robust economic standing—boasting a Triple-A bond rating for the fifth consecutive year and record reserves—positions it well to pioneer innovative investment strategies. “If Florida were its own sovereign nation, it would be the 16th largest economy globally,” Patronis states. Patronis also points to actions taken by other states as precedents.
“Two other states,
Wisconsin and Michigan, have seen it wise to invest a small portion of their pension funds into cryptocurrency,” he wrote. Additionally, he mentioned Arizona’s legislative efforts to include Bitcoin in state retirement funds and highlighted Wyoming and Nebraska as leaders in BTC mining and legislative frameworks designed to attract the industry, including provisions for chartering crypto banks.
Governor Ron DeSantis’s recent legislation to
combat Central Bank Digital Currencies (CBDCs) is cited as a protective measure for Floridians’ personal finances against “government overreach and woke corporate monitoring.” Patronis aligned this stance with the decentralized nature of Bitcoin, stating that “on its face, [Bitcoin] is the antithesis of a central currency, providing decentralized digital currencies managed on blockchain technology, not issued or controlled by any government agency.”
The core of Patronis’s argument centers on the potential financial benefits for Florida’s public servants. “When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians,” he asserts. He proposes that Bitcoin, often referred to as “
digital gold,” could “help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.”
He adds, “The State Board of Administration maintains a Florida Growth Fund that allows for more innovative and emerging investments, and a Digital Currency Investment Pilot Program could be a perfect fit, offering potential benefits we cannot afford to overlook.” In his letter, Patronis requests a comprehensive report from the SBA on the “feasibility, risk, and potential benefits of directing a portion of state retirement system monies into digital asset classes.”
He emphasizes the importance of this analysis in informing lawmakers ahead of the next legislative session. “There’s no telling what the future of [Bitcoin] 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 concludes.
