Florida’s CFO directs Bitcoin investment in state pension fund

Florida Chief Financial Officer Jimmy Patronis recently expressed strong support for Bitcoin (CRYPTO:BTC) as a state pension fund investment, highlighting its role as a hedge against inflation and a buffer against potential central bank digital currencies. 

Speaking on CNBC’s Squawk Box, Patronis shared his directive to the State Board of Administration, emphasising his fiduciary responsibility to maximise returns for Florida’s state employees and sustain their purchasing power. 

"Crypto is not going anywhere. It's not going to contract — it's going to continue expanding," Patronis stated, adding that it would be “foolish” to overlook the growing opportunities in digital assets. 

He pointed out that decentralized cryptocurrencies could safeguard consumer privacy and serve as a counter to government oversight. 

Patronis further warned asset managers about the risks of ignoring this emerging asset class, stating, “If you’re not paying attention to it, you’re making a mistake.” 

Patronis’ support reflects an expanding interest in Bitcoin among sovereign and institutional funds, as global pension funds increasingly consider digital assets. 

Highlighting this trend, the South Korean Teachers’ Credit Union began exploring Bitcoin exposure through exchange-traded funds in 2021. 

Similarly, Japan’s Government Pension Investment Fund, the world’s largest public pension fund, has shown interest in Bitcoin as it adapts to “major changes in the economy and society” and technological progress. 

More recently, South Korea’s National Pension Service invested $34 million in MicroStrategy, which holds significant Bitcoin assets, signaling an indirect approach to Bitcoin exposure. 

Patronis emphasised that the U.S. must invest in cryptocurrencies to remain competitive globally, suggesting Florida’s approach to Bitcoin could position the state at the forefront of an evolving financial landscape.

At the time of reporting, the Bitcoin price was $69,342.45.