Florida’s $800M in crypto investments could grow under a Trump presidency, says CFO

Florida’s Chief Financial Officer, Jimmy Patronis, has expressed optimism about the potential for the state’s cryptocurrency investments to expand, particularly if Donald Trump is elected president again.

Currently, Florida has approximately $800 million invested in crypto-related assets, and Patronis believes that this amount could increase significantly.

In a recent interview with CNBC, Patronis criticized those who are skeptical about cryptocurrency, asserting that neglecting this asset class is a “mistake.”

He also pointed out Miami’s potential to emerge as the “crypto capital of the world.”

To further capitalize on the growing crypto market, he has suggested that Florida’s retirement system allocate a portion of its funds to digital currencies.

“I’m going to continue to push forward to make sure that we’re doing everything possible to take advantage of this. It’s not emerging; it’s here,” Patronis stated.

He emphasized the importance of maximizing returns for state employees, arguing that failing to consider cryptocurrency as a diversification tool would be a disservice.

Florida is not alone in exploring cryptocurrency investments; states like Wisconsin and New Jersey have also shown interest.

Furthermore, Trump has proposed the idea of creating a national crypto stockpile if he returns to the presidency.

In addition to his support for crypto investments, Patronis expressed concerns regarding the potential implementation of a Central Bank Digital Currency (CBDC) in the US.

He warned against excessive federal government oversight with a centralized currency, stating, “We need to be able to have a hedge against this massive overreach by the federal government with a centralized currency.”

He further remarked on the importance of privacy in consumer transactions, saying,

“I don’t want the federal government to know that my son went to the grocery store to buy a bag of Doritos at 2:15 in the afternoon. We need to have some protections in place.”

Patronis’s comments highlight Florida’s proactive stance in the evolving landscape of cryptocurrency investments while underscoring concerns about regulatory measures in the digital currency space.

Trump celebrates Satoshi’s whitepaper anniversary

On Bitcoin’s 16th anniversary, former US President Donald Trump reiterated his commitment to ending the government’s crackdown on cryptocurrency.

In a message directed at Bitcoin supporters coinciding with the anniversary of the original whitepaper authored by Satoshi Nakamoto, Trump also took a swipe at his political rival, Vice President Kamala Harris.

I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne

Copy link Read 884 replies

The former president, who is currently running for the Republican nomination, declared his intention to terminate the “war on crypto” and promote Bitcoin innovation in the United States. Additionally, he reaffirmed his plan to pardon Silk Road founder Ross Ulbricht, who is currently serving a life sentence.

This comes just days before the US general elections on November 5.

The Republican candidate has actively engaged Bitcoin and crypto supporters, promising to halt government Bitcoin sales and remove SEC Chair Gary Gensler.

In contrast, Vice President Kamala Harris has shown support for emerging technologies, including artificial intelligence, and is committed to protecting digital asset investors.

As Bitcoin adoption and prices rise, supporters believe its success will continue regardless of the election outcome.

Sixteen years after Satoshi’s whitepaper, Bitcoin remains a top-performing asset, with a 192% year-to-date increase, outpacing the S&P 500’s 36% gain.

The post Florida's $800M in crypto investments could grow under a Trump presidency, says CFO appeared first on Invezz