In a recent interview with CNBC, Florida Chief Financial Officer Jimmy Patronis outlined the state’s increasing involvement in crypto investments. This comes in light of his recent directive urging pension fund managers to explore Bitcoin as a potential strategic reserve asset.
‘Crypto isn’t going anywhere’
During the interviewPatronis expressed confidence in the sustainability of digital assets, stating, “Crypto isn’t going anywhere,” and emphasizing the need for Florida to capitalize on the opportunities presented by digital assets.
Patronis elaborated on his view, explaining that the proposed use of Bitcoin would not only serve as an investment but could also help manage the national debt. He believes Florida has the potential to become the “crypto capital of the world,” reflecting the state’s growing interest in digital currencies.
When discussing Central Bank Digital Currencies (CBDCs), Patronis expressed privacy concerns, stating that he does not want the federal government to collect all transaction made by citizens.
The CFO expressed hope that a new Trump administration could bring about favorable policy change, while also revealing that Florida currently holds more than $800 million in crypto-related investments and expects that figure could increase under a potential Trump presidency.
Florida Considers Bitcoin in Pension Funds
As before reported by Bitcoinist, Patronis highlighted Florida’s strong economic position in his recent proposal, with a Triple-A bond rating for five consecutive years, stating that if Florida were its own country, the country would be the 16th largest economy in the world.
This economic stability positions Florida well to explore innovative investment strategies, including digital assets. His suggestions are timely and coincide with former President Trump’s recent comments at the Bitcoin 2024 conference, where he called for the creation of a national Bitcoin stock.
Florida’s Chief Investment Officer also praised Trump’s vision, noting that the former president’s plan to create a crypto presidential advisory board could further legitimize Bitcoin and strengthen its use in government agencies. financial strategies.
Patronis believes that integrating Bitcoin into Florida’s portfolio could diversify investments and provide a hedge against the volatility of other assets. He also pointed to examples from other states, such as Wisconsin and Michigan, that have allocated portions of their pension funds to cryptocurrency.
Florida’s CFO mentioned Arizona’s legislative efforts to include Bitcoin in state pension funds and recognize Wyoming and Nebraska as leaders in Bitcoin mining and digital asset-friendly policies.
At the time of writing, the market’s largest cryptocurrency was trading at $70,430, down 2% in the past 24 hours. After a strong rally from Monday to Wednesday, BTC is approaching its all-time high of $73,700, which was reached in March. However, the cryptocurrency has not managed to break this level.
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