This information has been confirmed by Mr. Jimmy Patronis, Florida's Chief Financial Officer.
Florida is investing $800 million in the cryptocurrency market. Image: CoinDesk
In an interview with the US television channel CNBC on October 31, Florida's Chief Financial Officer, Mr. Jimmy Patronis, confirmed that the state government has allocated up to $800 million for investments related to cryptocurrencies.
"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
When asked about his outlook on Bitcoin, Mr. Jimmy Patronis stated that cryptocurrencies are an expanding asset class, and Florida should be prepared to seize the opportunities.
Earlier this week, Patronis also proposed that the Florida government allocate an additional portion of the state's pension fund to cryptocurrencies, and did not rule out the possibility of increasing exposure to crypto if Donald Trump is elected President of the United States.
The official also reiterated Trump's initiative to establish a Bitcoin reserve fund.
JUST IN: Florida's Chief Financial Officer advocates for a strategic #Bitcoin reserve, says BTC is "digital gold." 🇺🇸 pic.twitter.com/aXMdy5ri1a
— Bitcoin Magazine (@BitcoinMagazine) October 29, 2024
Explaining his pro-crypto stance, Patronis believes that Florida should be prepared to hedge against the increasing power of the federal government through the US dollar.
Patronis is not the only Florida government official open to embracing cryptocurrencies. In the past, Florida Governor Ron DeSantis expressed support for Bitcoin in his 2023 presidential campaign statement, while Miami officials have continuously initiated crypto-related initiatives prior to the FTX collapse in 2022.
Previously, two other US states, Wisconsin and Michigan, also revealed investments in Bitcoin ETFs, worth $163 million and $6.6 million, respectively.
Compiled by Coin68
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