Florida reveals $800 million in crypto investments amid growing state interest
Florida reveals $800 million in crypto investments amid growing state interest
Florida’s Chief Financial Officer, Jimmy Patronis, disclosed in a recent CNBC interview that the state’s portfolio holds approximately $800 million in “crypto-related” investments. The announcement comes as Patronis continues to advocate for the state’s involvement in cryptocurrency markets, recently suggesting that a portion of Florida’s retirement funds be allocated to crypto investments, including Bitcoin.
Earlier this week, Patronis voiced support for a strategic shift to bolster the state’s retirement system with cryptocurrency, stating in a public letter that such an investment could serve as a financial hedge. Patronis’ vision also reflects a broader stance on cryptocurrency among conservative voices, who view digital assets as a safeguard against what Patronis described as “massive overreach by the federal government with a centralized currency.”
Echoing Trump’s Crypto Policies
Patronis’ advocacy aligns closely with former President Donald Trump’s views on Bitcoin. Trump has previously proposed the U.S. establish a national “stockpile” of Bitcoin and crypto reserves, citing concerns about the Communist Party of China’s increasing influence over the global cryptocurrency landscape. Patronis echoed these sentiments, emphasizing the need for the U.S. to stay competitive in the emerging digital currency arena.
Florida is not alone among U.S. governmental bodies in its crypto investments. The State of Wisconsin Investment Board recently reported holdings of $163 million in spot Bitcoin ETFs, and Jersey City, New Jersey, has also ventured into crypto assets. However, Patronis’ call for integrating crypto into state retirement systems marks one of the more assertive public pushes for cryptocurrency adoption within state-run investment funds.
As cryptocurrency continues to draw attention from policymakers and financial leaders, Florida’s stance may signal a broader trend toward integrating digital assets into government-controlled funds. If adopted, this move could set a precedent for other states considering crypto as a mainstream asset class within their financial strategies.
Trump’s World Liberty Financial project, however, is not faring as well, with fundraising efforts falling short of expectations.
Read also: Bitget Wallet on Telegram surges to 6 million users
