- Florida has invested nearly $800 million in cryptocurrencies, according to the state’s chief financial officer, Jimmy Patronis.
- Patronis discussed Florida’s crypto investments during an interview on CNBC on Thursday, October 31, 2024.
- According to Patronis, crypto is here to stay, and Florida intends to seize the opportunities the asset class offers.
Florida holds roughly $800 million in cryptocurrencies, state Chief Financial Officer Jimmy Patronis said. Patronis made the remarks during an interview on CNBC’s Squawk Box on Thursday, October 31, 2024.
He explained that Florida’s decision to add crypto exposure to the state’s investment portfolio reflects a belief that cryptocurrencies will remain a part of the financial landscape.
“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 gaining traction
As Florida looks to deepen its exposure to Bitcoin and the broader crypto market, Patronis said the state’s holdings could grow substantially if Donald Trump wins the upcoming election.
His comments reflect the broader crypto industry’s view of Trump as a pro-crypto candidate who could advance digital-asset friendly policies in the United States.
Like Trump, Patronis voiced opposition to any form of central bank digital currency (CBDC). He also emphasized Florida’s aim to outpace China in the global competition to lead the cryptocurrency and digital finance markets — a race Patronis says is already underway, not something on the horizon.
Florida’s pension investments in crypto add to a growing list of state-level funds that have allocated to Bitcoin and other digital assets.
Among public pension funds making headlines, the State of Wisconsin Investment Board and Jersey City are recent examples of entities that have disclosed crypto holdings.
Jersey City Mayor Steven Fulop revealed plans in July to add spot Bitcoin ETFs to the city’s pension fund, while Emory University recently became the first U.S. endowment to announce an investment in a spot Bitcoin ETF.