Florida Holds $800M in Crypto and Plans to Expand

Florida’s state government has already invested heavily in crypto-related assets, holding around $800 million. But that number could soon grow, according to Jimmy Patronis, the state’s chief financial officer (CFO). In a recent CNBC interview, Patronis hinted that the state might consider additional investments, particularly if former President Donald Trump wins the upcoming election. He expressed confidence in the crypto industry’s continued expansion and Florida’s intention to capitalize on this trend.

“Crypto’s not going anywhere,” Patronis stated. “It’s going to continue to expand, and I think we’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”

In his push to explore crypto investments, Patronis has taken formal steps by reaching out to the Florida State Board of Administration. This board oversees the state’s retirement assets, and Patronis has requested a report to analyze the potential benefits of adding crypto to the pension fund’s investment portfolio. His emphasis is on securing strong returns for Floridians, including the pensions of state employees like teachers, firefighters, and police officers.

To explain the appeal, Patronis noted how Bitcoin, often called “digital gold,” could diversify Florida’s portfolio. Bitcoin’s unique properties, he argued, could provide a hedge against the volatility of other major assets. The concept of a “Digital Currency Investment Pilot Program” has also been floated, suggesting that the state may look into innovative ways to incorporate digital assets through its Florida Growth Fund. This fund already allows for innovative and emerging investments, so adding digital assets could be a logical next step.