Florida’s government already owns $800 million in crypto-related investments and could soon hold more, according to Jimmy Patronis, the state’s Chief Financial Officer (CFO).
Patronis says in a new interview with CNBC that he “wouldn’t be shocked” to see that number grow if former President Donald Trump wins the presidential election next week.
“Crypto isn’t going anywhere. It’s not going to contract. It will continue to expand, and I think we would be crazy not to be willing to do everything we can to take advantage of the opportunities there.”
Patronis recently wrote to the Florida State Board of Administration, which manages the assets for the Florida Retirement System, requesting that the board prepare a report examining the potential impact of adding crypto to their pension funds’ investment portfolios.
“It is also essential in administering state pensions for firefighters, teachers and police officers prioritize the bottom line and ensure the best return on investment for Florida residents. This is true the potential of investing in a cryptocurrency, such as Bitcoin, becomes particularly attractive.
Bitcoin is often referred to as ‘digital gold’, and it could help diversify and supply the state’s portfolio a safe hedge against the volatility of other major asset classes.
The State Administration of The administration maintains a Florida Growth Fund that enables more innovative and emerging markets investments, and a pilot program for digital currency investments could be a perfect fit potential benefits that we cannot overlook.”
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