In what is a massive development for the digital asset industry at large, Florida’s Chief Financial Officer (CFO), Jimmy Patronis, recently said the state holds $800 million in crypto-related investments. Indeed, speaking to CNBC, Patronis discussed the asset class and its growing importance.
Moreover, the discussion outlined the state’s continued commitment to increasing its exposure to the technology. Not only does it already boast impressive crypto investments, but that trend is not one that the state expects to slow any time soon. Over the next year, state investment into crypto products could be set to magnify.
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Florida Discloses Crypto Investments as CFO Highlights Importance of the Asset Class
There is no denying that 2024 may be the most important year in crypto’s history. It saw the asset class grow tremendously in its relevance within global finance. In the United States, it saw the birth of crypto-based ETFs. Therefore, exposing cryptocurrencies to institutional investors and expanding their potential.
That continued growth has states themselves getting involved. In a recent interview, Florida’s CFO noted that the state holds $800 million in crypto investments. Moreover, Jimmy Patronis told the network that “crypt is not going anywhere,” highlighting the importance of getting involved in the growing sector.
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Patronis also didn’t hold back when discussing skeptics of the cryptocurrency sector. Specifically, he noted they were making a “mistake” in their stance. Alternatively, he has high hopes for Florida’s position within the growing industry. During the interview, he noted his belief that Miami could become the “crypto capital of the world.”
“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,” he added. “I need to make sure that we’re doing everything humanly possible to get [state employees] the best return on their investment. And if we’re not being open-minded to what crypto could do to diversify that portfolio, shame on us.”
