Florida’s Chief Financial Officer (CFO) Jimmy Patronis recently made headlines by revealing that the state holds approximately $800 million in crypto-related investments. This move aligns with Patronis’ belief in the potential of digital assets and his commitment to positioning Florida at the forefront of cryptocurrency adoption.
Speaking on CNBC’s Squawk Box, Patronis explained that his confidence in Bitcoin and other cryptocurrencies was inspired in part by former President Donald Trump’s idea of a national Bitcoin reserve. Patronis has since directed Florida’s State Board of Administration to explore and invest in Bitcoin. He also hinted that if Trump wins re-election, the state’s crypto portfolio may continue to expand.
“Crypto’s not going anywhere,” Patronis emphasized, dismissing crypto skeptics. “It’s not going to contract; it’s going to continue expanding—and I think we’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.” He encouraged other state leaders and investment managers to keep an open mind about the potential benefits of diversifying with digital assets.
Patronis has taken an active stance on integrating cryptocurrency into Florida’s investment strategies, proposing that a portion of the state’s retirement system funds be allocated to Bitcoin. He argues that Bitcoin, often considered “digital gold,” could diversify Florida’s portfolio, providing both a hedge against inflation and a defense against the rise of central bank digital currencies (CBDCs). This move aligns with a broader trend as other states, including Wisconsin, Michigan, and Jersey City, have started integrating cryptocurrency into their pension funds and investment portfolios.
Under Governor Ron DeSantis, Florida has emerged as a crypto-friendly state, with DeSantis even proposing in 2022 that businesses should be able to pay state taxes in Bitcoin. Patronis’ latest move further reinforces this commitment, as Florida positions itself as a leader in state-level crypto adoption.
Looking ahead, Patronis reiterated his fiduciary duty to maximize returns for Florida’s state employees, saying, “If we’re not being open-minded to what crypto could do to diversify that portfolio, shame on us.” With this forward-looking approach, Florida is set to explore new investment avenues that embrace the evolving landscape of digital finance.