Florida CFO Sees a Potential Growth of the State’s Crypto Portfolio Under a Trump Presidency

Florida's Chief Financial Officer (CFO) Jimmy Patronis predicts an explosive growth of the state's crypto portfolio under a Trump presidency.

Patronis recommended the inclusion of digital assets as the state's retirement fund as a means of diversification. The CFO highlighted some optimism anticipations via a potential win for Trump in the upcoming elections.

CFO Believes Florida's Crypto Portfolio Will Growth Under Trump Presidency

In an interview with CNBC on Thursday, Florida's CFO, Jimmy Patronis, expressed a strong belief in the possibilities of crypto assets.He mentioned that the state's crypto portfolio would experience explosive growth under Trump's presidency.

During the discussion, Patronis disclosed that Florida's retirement fund holds $800 million in digital asset-based investments. However, he believes the state's digital asset holdings could surge with a pro-crypto US president.

Regarding the state's cryptocurrency portfolio, Patronis said he would not be shocked to be able to see that growing under a Trump administration."

The CFO said Trump's victory in the elections will positively impact Florida's digital asset adoption. The situation will translate to a remarkable spike in crypto-related investments in Florida and the entire country.

Further, Patronis advocated that the state should deepen its digital asset engagements. In his recent letter to the executive director of Florida's State Board of Administration, the CFO recommended Florida's retirement fund should include more crypto-based investments.

Patronis wrote: As the Chinese Communist Party engages more in the cryptocurrency realm, action is necessary. Trump has mentioned forming a cryptocurrency presidential advisory council and using the US government's current cryptocurrency holdings to establish a national BTC reserve."

Patronis Explores Possibilities of Digital Assets In Trump-Led Administration

Also, Patronis expressed his eagerness and anticipation for more growth within the digital asset industry if Trump returns to the White House. He slammed crypto skeptics over their negative stance on the assets. He mentioned that those who neglect crypto are making a huge mistake.

In addition, Patronis reiterated his commitment to push forward the relevance of crypto inclusion in the state's investments. He pointed out that the move would come with beneficial results for the state in the long run.

Moreover, he noted that great possibilities of cryptocurrency are not just emerging; they are already here.

In his campaign, Trump has indicated a more supportive stance for the cryptocurrency industry. He promised to revolutionize the crypto sector in the US and position the country as a global leader in the industry.

Moreover, Trump's team suggested that the Federal Reserve should create a Bitcoin reserve with an annual billion purchases.

Amid his bullish stance on crypto, Patronis showed concern regarding the government's overreach through Central Bank Digital Currency (CBDC).

The CFO stated: We need to be able to have a hedge against this massive overreach by the federal government with a centralized currency."

Besides Florida, some US states, including New Jersey and Wisconsin, have considered the possibilities of crypto investments. In May, Wisconsin acquired 94,562 shares of BlackRock Bitcoin ETF (IBIT) worth almost $100 million.

Similarly, in July, New Jerseyfiledits documents to the SEC to allocate some Jersey City pension fund percentages to Bitcoin ETFs.

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