The financial director of the state of Florida, Jimmy Patronis, revealed that that Florida entity has approximately $800 million invested in Cryptocurrency-related projects.
“We have around $800 million in cryptocurrency-related investments in our state portfolio,” Indian the Florida official, who was interviewed on CNBC.
Patronis indicated that the Florida State Board of Administration (SBA) must consider all available tools “to take advantage of this opportunity.” “I am very optimistic about Florida. (…) We are in a good position. I see there is an opportunity. We have to be prepared for what cryptocurrencies can bring to our investment portfolio,” he commented.
On Monday, Patronis sent a letter to the SBA urging it to adopt Bitcoin as a strategic treasury reserve. This proposal aligns with the initiative of presidential candidate Donald Trump, who suggests including bitcoins and other cryptocurrencies seized in the national reserve in case of winning the elections.
Patronis raised the possibility of creating a bitcoin reserve. Source: myfloridacfo.com.
During the interview, Patronis also addressed skeptics of bitcoin and cryptocurrencies, stating: “If you don’t pay attention to it, you are making a mistake. It’s real. “It’s not going away.”
Patronis reaffirmed his optimism towards the future of the state of Florida in the context of crypto assets. As he said, he wants Miami is “the world capital of cryptocurrencies”.
“I’m going to continue to move forward to make sure we’re doing everything we can to take advantage of this. It is not emerging, it is here,” he stressed.
Patronis expressed his belief that investments in cryptocurrencies of the state of Florida, of 800 million dollars to date, could grow significantly If Donald Trump wins the presidential election on November 5, stating: “I wouldn’t be surprised to see Florida cryptocurrency investment grow under the Trump administration in the near future.”
On the other hand, Patronis addressed the privacy risks posed by central bank digital currencies (CBDCs), noting: “I don’t want the federal government to know that my son went to the supermarket to buy a bag of Doritos at 2: 15 in the afternoon.”
“I hope that President Trump can change course, but I don’t think that will happen overnight. “It is getting into a real mess, but we must be able to have an advantage against this massive overreach by the federal government with a centralized digital currency,” he opined.
The cryptocurrency market is attentive to the outcome of these elections. On platforms like Polymarket, more than 2.8 billion dollars have been bet in the bid for the winner, with Donald Trump leading with 61.9% against 38% for Kamala Harris, according to the latest update.
This article was created using artificial intelligence and edited by a human Editor.
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