Florida Has $800 Million in Cryptocurrency Assets: CFO
Date: 2024-11-01 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS, IN WORLD
In an interview with CNBC, Patronis noted Florida’s desire to develop cryptocurrency investments despite traditional concerns about including such assets in state pension funds. He expressed confidence in the technology’s prospects: “Cryptocurrency is not going anywhere. It’s not going to disappear, but rather, it’s going to continue to grow.” Patronis emphasized that he views cryptocurrency as a full-fledged asset class with significant investment potential.
“Our state currently has about $800 million in cryptocurrency assets in its portfolio,” Patronis said, drawing attention to the significance of these investments.
Florida is not the only U.S. state considering cryptocurrency investments. Wisconsin, for example, through its Investment Commission, purchased 2.4 million shares of BlackRock’s iShares Bitcoin ETF, worth about $99.1 million as of May 2024. Moreover, according to an SEC report, the state owns more than 1 million shares of Grayscale’s GBTC, worth over $63.3 million as of the end of March.
Other states, such as Ohio and Pennsylvania, are also actively supporting cryptocurrency legislation aimed at developing the industry.
Florida’s Policy on Cryptocurrency Regulation
During the interview, Patronis also discussed cryptocurrency regulation. He discussed Florida’s approach to regulation, touching on national topics such as the possible introduction of a central bank digital currency. According to him, the centralization of digital currency could threaten the financial independence of citizens, while cryptocurrencies offer an alternative for preserving purchasing power in the face of inflation.
Patronis outlined a strategic vision aimed at making Florida, and Miami in particular, the center of the global crypto industry.
