Florida holds ‘$800 million in crypto-related investments,’ says state CFO

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According to the Florida CFO, Florida has $800 million in crypto investments. Bitcoin could be an investment option for the state of Florida's pension fund.

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Jimmy Patronis, CFO of Florida, revealed that the state has $800 million in crypto-related investments and is exploring further expansion into digital assets. The CFO said he's “not surprised” the numbers are growing under the Trump administration.

Just in: Florida CFO says crypto is ‘going nowhere' and insists ‘we'd be fools' not to take advantage of the opportunitypic.twitter.com/7DbnBglLNQ

— Crypto Briefing (@Crypto_Briefing) October 31, 2024

Speaking on CNBC's Squawk Box, Patronis emphasized the state's commitment to exploring crypto opportunities.

“Crypto is not going anywhere. We would be foolish not to do our best to take advantage of the opportunities that are out there. he said.

Earlier this week, Patronis sent a letter to the Florida State Board of Governors requesting that Bitcoin be considered as an investment option for the state's pension fund.

The idea comes as other states, including Wisconsin and Michigan, have earmarked their pension funds for crypto investments.

“I'm a trustee of the state pension fund, and I have to make sure the Legislature is equipped with all the tools and resources I've put into our SBA investment team,” Patronis said during the interview.

He added that he would not be “surprised” to see the numbers grow under the Trump administration.

Patronis also spoke about concerns about central bank digital currencies (CBDCs), suggesting that crypto could serve as a hedge against government monetary policy.

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