In a recent interview with CNBC, Florida's Chief Financial Officer Jimmy Patronis disclosed that the state currently holds an impressive $800 million in crypto-related investments within its financial portfolio. He predicted that this investment amount could potentially rise, particularly if former President Trump secures re-election next month.
Earlier in the week, Patronis wrote a letter advocating for Florida to explore the allocation of a portion of the state’s pension funds towards cryptocurrencies. This initiative reflects a growing trend among various U.S. governmental agencies that are beginning to recognize the potential of crypto investments.
Notably, the Wisconsin Investment Board reported in a May update that it possesses $163 million in spot Bitcoin ETFs, illustrating the increasing interest from state agencies in diversifying their investment strategies to include digital assets..