Florida CFO Reveals How Much The State Holds In Crypto Investments — The Number Will Surprise You! ⋆ ZyCrypto
The post Florida CFO Reveals How Much The State Holds In Crypto Investments — The Number Will Surprise You! ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Florida’s elected chief financial officer (CFO) and fire marshal, Jimmy Patronis, was so impressed by former president Donald Trump’s grand plan for the United States to create a Bitcoin stockpile that he has directed the State Board of Administration to invest in Bitcoin. ‘Crypto’s Not Going Anywhere’ Speaking on CNBC’s Squawk Box on Thursday, Jimmy Patronis revealed that Florida currently holds around $800 million in “crypto-related” investments in its portfolio. Patronis stated he “would not be surprised” if the stash grew should Trump secure reelection next week. During the interview, the Florida official slammed skeptics, positing that those not paying enough attention to crypto were making a “mistake.” He further stressed the state’s commitment to exploring crypto opportunities. “Crypto’s not going anywhere. 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.” the CFO asserted. Advertisement   Earlier this week, Patronis proposed in a letter to Florida’s investment managers that the state should direct “a portion of state retirement system monies into cryptocurrency.” He explained that Bitcoin, often considered digital gold, could help diversify the state’s portfolio and provide a safe hedge against fiat currency inflation and a bulwark against central bank digital currencies (CBDCs). In the letter, Patronis quoted remarks Republican Presidential nominee Donald Trump made in July at the annual Bitcoin conference in Nashville. At the time, Trump promised to create a national stockpile of Bitcoin using coins confiscated via law enforcement actions. Patronis reiterated the recommendation on Thursday, citing his fiduciary duty to maximize returns on behalf of state employees: “I need to make sure that we’re doing everything humanly possible to get [state employees] the best return on their investment.…
Filed under: News - @ November 1, 2024 8:26 pm