Florida to invest 1% of $186B pension fund in Bitcoin reserve
The plan has the support of the governor and leading politicians
Florida plans to expand crypto investments by allocating 1% of pension fund to Bitcoin
Florida's state pension fund, valued at approximately $186 billion and ranked as the fourth-largest in the United States, is set to deepen its cryptocurrency investments. A new initiative by the Florida Blockchain Business Association (FBBA), supported by Governor Ron DeSantis and other prominent politicians, proposes allocating 1% of Florida's pension fund to create a Bitcoin reserve for financial diversification and tapping into the growing cryptocurrency market.
With a projected budget surplus of $116.5 billion for 2024-2025, the allocation of 1% (around $1.16 billion) could further enhance Florida's leadership in Bitcoin adoption.
It would be foolish not to leverage the growth of the cryptocurrency market for Florida's benefit
Florida already holds approximately $800 million in cryptocurrency investments. With the expansion of Bitcoin's share in the pension fund, the state's crypto holdings could exceed $1.9 billion.
"Crypto isn’t going anywhere. It will continue to grow, and it would be foolish not to take advantage of its opportunities," said Florida’s Chief Financial Officer Jimmy Patronis, urging pension fund managers to consider adding Bitcoin to their investment portfolios.
With Governor DeSantis's support, Florida is well-positioned to establish a strategic Bitcoin reserve as early as the first quarter of 2025.
Florida’s Chief Financial Officer, Jimmy Patronis, disclosed in a recent CNBC interview that the state’s portfolio holds approximately $800 million in “crypto-related” investments. The announcement comes as Patronis continues to advocate for the state’s involvement in cryptocurrency markets, recently suggesting that a portion of Florida’s retirement funds be allocated to crypto investments, including Bitcoin.
