Florida’s Chief Economic Officer Reveals How Much Investment the State Has in Cryptocurrencies! The Number Surprised!

Florida’s Comptroller Jimmy Patronis says the state’s pension fund crypto para advocates that it include investments.

During an interview, Patronis argued that the long-term growth potential of cryptocurrencies makes them an attractive option for retirement diversification and future-proofing government assets.

Patronis said he could not ignore the opportunities Florida offered, adding, “Crypto is here to stay.” “We need to take advantage of these opportunities,” Patronis said, noting that exposure to digital assets aligns with the state’s fiduciary responsibility to maximize returns for its teachers, firefighters and state workers.

Patronis recently sent a letter to the State Board proposing the idea, inspired by similar developments in Wisconsin and Michigan and recent calls for a “US strategic crypto reserve.” He acknowledged the risks involved, especially given volatile crypto prices in October, but said having “all the tools on the dashboard” could position Florida for stronger returns.

Patronis noted Florida’s burgeoning crypto industry, pointing to Miami’s rise as a cryptocurrency hub. He also echoed Governor Ron DeSantis’ stance against central bank digital currencies (CBDCs), calling them contrary to the decentralized nature of crypto. He argued that CBDCs could provide excessive government control over individuals’ financial lives, saying, “I don’t want the federal government to know when my son bought a pack of Doritos.”

Florida’s resistance to CBDCs and favorable tax policies, including a zero state income tax, have attracted significant migration from high-tax states such as New York and New Jersey. Patronis observed that new residents are flocking to Florida, driven by the state’s economic policies and crypto-friendly environment.

Patronis envisions a diversified portfolio with a significant allocation to digital assets. He explained that Florida’s state investment portfolio currently includes $800 million in crypto-related assets, and he expects that figure could increase under a federal administration that is particularly supportive of crypto.

*This is not investment advice.