Florida holds ‘$800 million in crypto-related investments,’ says state CFO

Patronis sees crypto as a tool for economic resilience, with plans to expand its role in state funds.

Author: CNBC Squawk Box

Key Takeaways

Florida holds $800 million in crypto investments according to Florida's CFO. Bitcoin may become an investment option for Florida's state pension funds. <?xml encoding="UTF-8"?>

Jimmy Patronis, Florida’s CFO, stated that the state holds $800 million in crypto-related investments and is exploring further expansion into digital assets.

JUST IN: Florida's CFO says crypto is 'not going anywhere' and insists 'we’d be a fool' not to seize the opportunitypic.twitter.com/7DbnBglLNQ

— Crypto Briefing (@Crypto_Briefing) October 31, 2024

Speaking on CNBC’s Squawk Box, Patronis emphasized the state’s commitment to exploring crypto opportunities.

“Crypto’s not going anywhere. We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.” he said.

Earlier this week, Patronis sent a letter to the Florida State Board of Administration requesting that Bitcoin be considered as an investment option for state pension funds.

The proposal comes as other states, including Wisconsin and Michigan, have already allocated portions of their pension funds to crypto investments. 

“I’m a fiduciary of the state’s pension funds, and I need to make sure the legislature is armed with all the tools and resources I’ve put into our SBA investment team,” Patronis said during the interview.

Patronis also addressed concerns about central bank digital currencies (CBDCs), suggesting that crypto could serve as a hedge against government monetary policy.

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