Key Takeaways
- Florida holds $800 million in crypto investments based on Florida’s CFO.
- Bitcoin could grow to be an funding choice for Florida’s state pension funds.
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Jimmy Patronis, Florida’s CFO, acknowledged that the state holds $800 million in crypto-related investments and is exploring additional enlargement into digital property. The CFO mentioned he “wouldn’t be shocked” to see the determine develop below a Trump administration.
JUST IN: Florida’s CFO says crypto is ‘not going anyplace’ and insists ‘we’d be a idiot’ to not seize the chancepic.twitter.com/7DbnBglLNQ
— Crypto Briefing (@Crypto_Briefing) October 31, 2024
Talking on CNBC’s Squawk Field, Patronis emphasised the state’s dedication to exploring crypto alternatives.
“Crypto’s not going anyplace. We’d be a idiot if we’re not ready to do every part we will to harness the alternatives there.” he mentioned.
Earlier this week, Patronis despatched a letter to the Florida State Board of Administration requesting that Bitcoin be thought-about as an funding choice for state pension funds.
The proposal comes as different states, together with Wisconsin and Michigan, have already allotted parts of their pension funds to crypto investments.
“I’m a fiduciary of the state’s pension funds, and I would like to ensure the legislature is armed with all of the instruments and sources I’ve put into our SBA funding crew,” Patronis mentioned throughout the interview.
He added that he “wouldn’t be shocked” to see the determine develop below a Trump administration.
Patronis additionally addressed considerations about central financial institution digital currencies (CBDCs), suggesting that crypto may function a hedge towards authorities financial coverage.
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