![图片[1]-Florida has invested $800 million in cryptocurrency, suggesting it will buy more Bitcoin if Trump is elected.-OzABC](https://www.ozabc.com/wp-content/uploads/patronis-copy-1280x757-1-750x375-1.jpg)
Florida Treasurer Jimmy Patronis revealed in a CNBC interview on Thursday that the state holds approximately $800 million in cryptocurrency-related investments in its portfolio. While he did not provide further details about the state’s portfolio, he emphasized that he would not be surprised if the investment amount grew further if former US President Trump were re-elected.
Promote the inclusion of Bitcoin in state retirement trusts
Earlier this week, Jimmy Patronis echoed Trump’s national Bitcoin reserve plan in a letter, hoping that institutions managing Florida’s retirement funds would consider investing in Bitcoin. In his letter to Chris Spenser, executive director of the Florida Board of Management (SBA), he wrote :
The Chinese Communist Party is making daily inroads into the cryptocurrency space in an attempt to seize control of this emerging currency. Trump has stated that he will establish a presidential advisory council on cryptocurrency and create a national Bitcoin reserve using the cryptocurrencies currently held by the U.S. government.
Bitcoin, often referred to as digital gold, can help Florida diversify its portfolio and provide a safe hedge against volatility in other major asset classes.
In his letter, Jimmy Patronis urged the SBA to provide a report outlining the feasibility, risks, and potential benefits of allocating a portion of the National Pension System’s funds to digital asset classes, to be completed before the next legislative session begins on March 4, 2025.
In his letter, Jimmy Patronis suggested that the SBA could create a digital currency investment pilot program as part of the Florida Growth Fund.
According to a January report, the Florida Growth Fund can use up to 1.5% of the Florida Retirement System Trust Fund’s funds, which invested $998 million in high-growth investments between 2022 and 2023.
Jimmy Patronis believes that prioritizing net worth and ensuring the best possible investment returns for Florida residents is crucial when managing national retirement funds for firefighters, teachers, and police officers, which is why the potential of investing in cryptocurrencies like Bitcoin becomes particularly compelling.
Multiple states are venturing into cryptocurrency investment.
Florida is not the first U.S. government agency to invest in cryptocurrency-related assets. In May, the Wisconsin Investment Board disclosed that it held $163 million worth of Bitcoin spot ETFs, and the Michigan Retirement Fund also announced its Bitcoin investment in July, stating that it had invested $6.6 million in the Ark/21Shares Bitcoin spot ETF.
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