Florida Owns $800,000,000 in Crypto Investments and Wants To Accumulate More, Says State CFO
The government of Florida already owns $800 million worth of crypto-related investments and could soon hold more, according to Jimmy Patronis, the state’s chief financial officer (CFO).
Patronis says in a new interview with CNBC that he “would not be shocked” to see that number grow if former President Donald Trump wins the presidential election next week.
“Crypto’s not going anywhere. It’s not going to contract. It’s going to continue to be expanding, and I think we’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”
Patronis recently wrote to the Florida State Board of Administration, which manages the assets for the Florida Retirement System, requesting that the board complete a report exploring the potential impact of adding crypto to their pension funds’ investment portfolios.
“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. This is where the potential of investing in a cryptocurrency, like Bitcoin, becomes particularly compelling.
Bitcoin is often called ‘digital gold,’ and it could help diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.
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.”
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