Florida Holds $800 Million In Crypto-Related Investments, Says CFO Patronis

In a recent interview with CNBC, Florida’s Chief Financial Officer, Jimmy Patronis, outlined the state’s increasing commitment to crypto investments. This comes in light of his recent directive urging pension fund managers to explore Bitcoin as a potential strategic reserve asset. 

‘Crypto Is Not Going Anywhere’

During the interview, Patronis expressed confidence in the enduring nature of digital assets, stating, “Crypto is not going anywhere,” and emphasized the need for Florida to harness the opportunities that digital assets present.

Patronis elaborated on his vision, explaining that the proposed use of Bitcoin would not only serve as an investment but could also help manage state debt. He believes that Florida has the potential to become the “crypto capital of the world,” reflecting the state’s growing interest in digital currencies.

When discussing Central Bank Digital Currencies (CBDCs), Patronis raised concerns about privacy, stating he does not want the federal government to track every transaction made by citizens. 

The CFO expressed hope that a new Trump administration could bring about a favorable shift in policies, while also revealed that Florida currently holds over $800 million in crypto-related investments and anticipates this figure could rise under a potential Trump presidency.

Florida Considers Bitcoin In Pension Funds

As previously reported by Bitcoinist, Patronis highlighted in his recent proposal Florida’s strong economic standing, boasting a Triple-A bond rating for five consecutive years, and stated that if Florida were its own nation, it would rank as the 16th largest economy globally. 

This economic stability positions Florida well to explore innovative investment strategies, including digital assets. His suggestions are timely, coinciding with former President Trump’s recent remarks at the Bitcoin 2024 conference, where he called for the establishment of a national Bitcoin stockpile.

Florida’s Chief Investment Officer also praised Trump’s vision, noting that the former president’s plan to create a crypto presidential advisory council could further legitimize Bitcoin and bolster its use in governmental financial strategies. 

Patronis believes that integrating Bitcoin into Florida’s portfolio could diversify investments and provide a hedge against the volatility of other assets. He also pointed to examples from other states, such as Wisconsin and Michigan, which have allocated portions of their pension funds to cryptocurrency. 

Florida’s CFO mentioned Arizona’s legislative efforts to include Bitcoin in state retirement funds and recognized Wyoming and Nebraska as leaders in Bitcoin mining and digital asset-friendly policies.

At the time of writing, the largest cryptocurrency on the market was trading at $70,430, down 2% in the last 24 hours. After a strong rally from Monday to Wednesday, BTC is approaching its all-time high of $73,7000, which was reached back in March. However, the cryptocurrency has failed to break through this level.

Featured image from DALL-E, chart from TradingView.com