Florida has $800 million in crypto assets, state CFO says

Florida has invested nearly $800 million in cryptocurrencies, according to Jimmy Patronis, the state's chief financial officer. Patronis further elaborated on Florida's cryptocurrency investments in an interview with CNBC on Thursday, October 31, 2024. Patronis said cryptocurrencies are here and Florida wants to take advantage of the opportunity.

Florida has about $800 million in crypto assets, according to Jimmy Patronis, the state's chief financial officer.

The Florida CFO said this in an interview with CNBC's Squawk Box on Thursday, October 31, 2024. Patronis said Florida's move to add cryptocurrency investments to the state's portfolio is based on the understanding that cryptocurrencies are here to stay.

“Cryptocurrency is not going anywhere,” Patronis told CNBC. “We would be foolish if we weren't prepared to do everything we can to take advantage of the opportunities that are out there.” added.

“Cryptocurrency is not going anywhere,” said Florida State CFO @JimmyPatronis, who is looking to invest his Florida pension fund in cryptocurrencies. “We'd be fools if we weren't ready to do everything we could to take advantage of the opportunities there.” pic.twitter.com/c8Hldp3F8Z

— Squawk Box (@SquawkCNBC) October 31, 2024

Virtual currency attracting attention

As Florida looks to explore further opportunities in the Bitcoin and crypto markets, Patronis believes that if Donald Trump wins the next election, the state's current exposure to the asset class will increase significantly. There is.

His remarks came as the cryptocurrency industry views Trump as a pro-crypto candidate who will contribute to the development of the U.S. cryptocurrency industry. Patronis, like Trump, said Florida opposes any form of central bank digital currency (CBDC).

Also important is the country's focus on staying ahead of China in the race to become the world leader in this market, which Patronis reiterated is not “emerging” but already exists. said.

The Florida Pension Fund's investment in cryptocurrencies joins the growing list of state funds adding BTC and cryptocurrencies to their portfolios. Among state pension funds, the Wisconsin Investment Commission and Jersey City are two organizations that recently announced they are investing in cryptocurrencies. Jersey City Mayor Stephen Fulop unveiled the city's plans to add a Spot Bitcoin ETF to its pension fund in July.

Meanwhile, Emory University recently became the first endowment fund in the United States to disclose an investment in a Spot Bitcoin ETF.