- Florida has invested nearly $800 million in crypto, according to the state’s chief financial officer Jimmy Patronis.
- Patronis shared more about Florida’s crypto investment during an interview with CNBC on Thursday, Oct. 31, 2024.
- According to Patronis, crypto is here and its an opportunity that Florida is keen to harness.
Florida holds approximately $800 million in cryptocurrencies, the state’s chief financial officer Jimmy Patronis says.
The Florida CFO said this during an interview with CNBC’s Squawk Box on Thursday, October 31, 2024. According to Patronis, Florida’s move to add crypto investments to the state’s portfolio follows the understanding that crypto is here to stay.
“Crypto’s not going anywhere,” Patronis told CNBC, adding “We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”
“Crypto’s not going anywhere” says Florida CFO @JimmyPatronis on his push to invest Florida state pension funds into crypto. “We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.” pic.twitter.com/c8Hldp3F8Z
— Squawk Box (@SquawkCNBC) October 31, 2024
Crypto getting traction
As Florida looks to explore further opportunities with Bitcoin and the crypto market, Patronis believes the state’s current exposure to the asset class will increase significantly if Donald Trump wins the upcoming election.
His remarks come as the crypto industry views Trump as the pro-crypto candidate that will help advance the crypto industry in the United States. Like Trump, Patronis said Florida is against any form of central bank digital currency, or CBDC.
Also important is the country’s focus on getting ahead of China in the race to be the global leader of this market – which Patronis reiterated isn’t “emerging” but is already here.
Florida state pension fund’s investment in crypto adds to a growing list of state funds adding BTC and crypto to their portfolio. Among state pension funds, the State of Wisconsin Investment Board and Jersey City are the two latest entities to announce they hold crypto investments. Jercy City mayor Steven Fulop revealed the city’s plan to add spot Bitcoin ETFs to its pension fund in July.
Meanwhile, Emory University recently became the first endowment fund in the US to disclose investment in spot Bitcoin ETFs.