Florida’s Chief Financial Officer, Jimmy Patronis, sees potential for crypto investments to grow significantly if Donald Trump returns to the White House. Currently, Florida’s state retirement portfolio holds around $800 million in crypto-related assets, and Patronis is eager to see this expand, noting that Trump’s presidency could facilitate this shift, according to CNBC.
In an interview, Patronis made clear his stance: crypto is here to stay. “If we’re not open-minded to what crypto could do…shame on us,” he said, emphasizing the need to diversify state employee investments.
Balancing Growth with Privacy Concerns
While bullish on crypto, Patronis voiced concerns about the government’s reach, especially through a Central Bank Digital Currency (CBDC), saying, “I don’t want the federal government knowing that my son went to the grocery store.” He argued that a centralized currency would risk personal privacy, urging the U.S. to create “protections” against potential overreach.
Patronis’s vision aligns with moves from other states, like Wisconsin and New Jersey, as they also consider incorporating crypto into their investment strategies. With crypto gaining increasing mainstream adoption, it can be useful for investors to keep track of the crypto market on TipRanks. Click on the image below to find out more.
