Florida is Investing $800 Million in Cryptocurrency

This information was confirmed by Mr. Jimmy Patronis, Secretary of the Florida Department of Financial Services.

In an interview with the US television channel CNBC on October 31, the head of the Florida Department of Financial Services, Mr. Jimmy Patronis, confirmed that the state government has allocated up to $800 million in cryptocurrency-related investments.

"Crypto's not going anywhere" says Florida CFO @JimmyPatronis on his push to invest Florida state pension funds into crypto. "We'd be a fool if we're not prepared to do everything we can to harness the opportunities there." pic.twitter.com/c8Hldp3F8Z

— Squawk Box (@SquawkCNBC) October 31, 2024

When asked about his views on Bitcoin, Jimmy Patronis said crypto is an ever-expanding asset class, and Florida should be prepared to seize the opportunity.

Patronis also suggested earlier this week that Florida allocate more of its pension funds into crypto, and did not rule out the possibility of increasing its exposure to crypto if Donald Trump is elected President of the United States.

The official also reiterated Trump's initiative to create a Bitcoin reserve.

JUST IN: Florida's Chief Financial Officer advocates for a strategic #Bitcoin reserve, says BTC is "digital gold." 🇺🇸 pic.twitter.com/aXMdy5ri1a

— Bitcoin Magazine (@BitcoinMagazine) October 29, 2024

Explaining his pro-crypto stance, Patronis said that Florida should prepare to hedge against the possibility of the federal government increasing its power through the US dollar.

Patronis is not the only Florida government official who has been open to accepting cryptocurrencies. In the past, Florida Governor Ron DeSantis made statements encouraging Bitcoin in his 2023 presidential campaign, while Miami city officials continuously had initiatives to apply crypto before the FTX crash in 2022.

Previously, two other US states, Wisconsin and Michigan, also revealed that they were investing in Bitcoin ETFs, worth $163 million and $6.6 million, respectively.