In a recent interview with CNBC, Florida’s Chief Financial Officer, Jimmy Patronis, outlined the state’s increasing commitment to crypto investments. This is available in light of his recent directive urging pension fund managers to explore Bitcoin as a possible strategic reserve asset.
‘Crypto Is Not Going Anywhere’
Through the interview, Patronis expressed confidence within the enduring nature of digital assets, stating, “Crypto is just not going anywhere,” and emphasized the necessity for Florida to harness the opportunities that digital assets present.
Patronis elaborated on his vision, explaining that the proposed use of Bitcoin wouldn’t only function an investment but could also help manage state debt. He believes that Florida has the potential to turn out to be the “crypto capital of the world,” reflecting the state’s growing interest in digital currencies.
When discussing Central Bank Digital Currencies (CBDCs), Patronis raised concerns about privacy, stating he doesn’t want the federal government to trace every transaction made by residents.
The CFO expressed hope that a latest Trump administration could bring about a good shift in policies, while also revealed that Florida currently holds over $800 million in crypto-related investments and anticipates this figure could rise under a possible Trump presidency.
Florida Considers Bitcoin In Pension Funds
As previously reported by Bitcoinist, Patronis highlighted in his recent proposal Florida’s strong economic standing, boasting a Triple-A bond rating for five consecutive years, and stated that if Florida were its own nation, it will rank because the sixteenth largest economy globally.
This economic stability positions Florida well to explore revolutionary investment strategies, including digital assets. His suggestions are timely, coinciding with former President Trump’s recent remarks on the Bitcoin 2024 conference, where he called for the establishment of a national Bitcoin stockpile.
Florida’s Chief Investment Officer also praised Trump’s vision, noting that the previous president’s plan to create a crypto presidential advisory council could further legitimize Bitcoin and bolster its use in governmental financial strategies.
Patronis believes that integrating Bitcoin into Florida’s portfolio could diversify investments and supply a hedge against the volatility of other assets. He also pointed to examples from other states, comparable to Wisconsin and Michigan, which have allocated portions of their pension funds to cryptocurrency.
Florida’s CFO mentioned Arizona’s legislative efforts to incorporate Bitcoin in state retirement funds and recognized Wyoming and Nebraska as leaders in Bitcoin mining and digital asset-friendly policies.
On the time of writing, the biggest cryptocurrency available on the market was trading at $70,430, down 2% within the last 24 hours. After a powerful rally from Monday to Wednesday, BTC is approaching its all-time high of $73,7000, which was reached back in March. Nonetheless, the cryptocurrency has didn’t break through this level.
Featured image from DALL-E, chart from TradingView.com