Florida Holds Over $800M in Crypto-Related Investments

Florida's CFO, Jimmy Patronis, appeared on CNBC today, revealing that the state has started making significant investments in the crypto space and now holds some $800 million in crypto-related investments.

What’s the Scoop?

• Seeking Optimal Returns: During the interview, Patronis emphasized that cryptocurrency is here to stay. He wants Florida’s investment team equipped with every tool available to maximize returns.
• Growing Interest: Patronis noted that Floridians' interest in cryptocurrency surged after the Bitcoin conference in Miami in 2020, underscoring the event’s impact on the state’s crypto engagement.

Bankless Take:

Though crypto-related investments are still a small portion of Florida's overall portfolio, it's encouraging to see the state recognize crypto’s potential for positive impact. Patronis is notably bullish on the space; he even suggested that Florida consider allocating a portion of its pension funds into cryptocurrencies. Wisconsin, for instance, reported in May that it holds approximately $163 million in spot Bitcoin ETFs. As more states consider crypto investments, this could be a positive step for the industry and might even address underfunded pension issues across states like California.