Florida’s Chief Financial Officer (CFO), Jimmy Patronis, has announced that the state holds approximately $800 million in cryptocurrency-related investments.

Patronis emphasized the state’s commitment to embracing digital assets, stating, “Crypto’s not going anywhere. We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”

In a recent interview with CNBC’s Squawk Box, Patronis discussed the potential for expanding Florida’s cryptocurrency portfolio, particularly under a potential Trump administration. He noted that he “would not be shocked” to see the state’s crypto investments grow in such a scenario.

Patronis has also proposed integrating Bitcoin into Florida’s state pension funds. He sent a letter to the Florida State Board of Administration, requesting a report on the feasibility and benefits of including Bitcoin and other digital assets in the state’s retirement system.

Other states have begun exploring cryptocurrency investments as well. The State of Wisconsin Investment Board reported holdings of $163 million in spot Bitcoin ETFs, and Jersey City, New Jersey, has also ventured into crypto assets.

Patronis expressed concerns about central bank digital currencies (CBDCs), suggesting that cryptocurrencies could serve as a hedge against potential federal overreach. He stated, “We need to be able to have a hedge against this massive overreach by the federal government with a centralized currency.”

The CFO’s advocacy aligns with former President Donald Trump’s views on Bitcoin. Trump has proposed the U.S. establish a national “stockpile” of Bitcoin and crypto reserves, citing concerns about the Communist Party of China’s increasing influence over the global cryptocurrency landscape.

Florida’s proactive stance on cryptocurrency investments reflects a broader trend among U.S. states to integrate digital assets into their financial strategies. As the cryptocurrency market continues to evolve, Florida’s approach may serve as a model for other states considering similar investments.

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