Florida Chief Financial Officer Jimmy Patronis revealed that the state holds approximately $800 million in crypto-related investments as part of its portfolio. This position was discussed during a recent interview on CNBC.

Florida’s Commitment to Cryptocurrency

Patronis emphasized Florida’s commitment to considering cryptocurrency as a viable investment, despite traditional concerns about its role in state retirement funds.

“Crypto is not going anywhere. It’s not going to contract. It’s going to continue to be expanding,”

Patronis stated in the interview, expressing confidence in the technology’s long-term potential.

He made it clear that he views cryptocurrency as an established asset class with substantial investment prospects.

“We have about $800 million in crypto-related investments in our state portfolio,”

Patronis said in reference to Florida’s crypto holdings.

Crypto Investments in Other States

Florida isn’t the first U.S. state to invest in crypto. Wisconsin’s Investment Board had invested in the two largest spot Bitcoin ETFs, holding 2.4 million shares of BlackRock’s iShares Bitcoin Trust worth nearly $99.1 million as of May 2024. Additionally, a U.S. SEC filing revealed that the state owned over 1 million shares of Grayscale’s GBTC, valued at more than $63.3 million at the end of March.

Other states like Ohio and Pennsylvania have also pushed pro-crypto legislation.

Florida and Crypto Regulation

The interview also covered regulatory concerns. Patronis discussed Florida’s approach to crypto regulation, particularly regarding national issues like the potential implementation of a central bank digital currency.

He expressed concerns about possible federal overreach with a centralized digital currency, emphasizing that cryptocurrency offers an alternative for preserving purchasing power amid inflationary pressures.

Patronis outlined a broader vision to position Florida at the forefront of the crypto landscape, with the aim of making Miami a key global crypto hub.

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