Florida Chief Financial Officer (CFO) Jimmy Patronis predicts that the state’s crypto portfolio will see explosive growth during Trump’s presidency.
Patronis recommends incorporating digital assets into state pension funds as a means of diversification. The CFO highlighted some optimistic expectations of a possible Trump victory in the upcoming election.
CFO Believes Florida’s Cryptocurrency Portfolio Will Grow Under Trump Presidency
in a Interviewed by CNBC On Thursday, Florida Chief Financial Officer Jimmy Patronis expressed his firm belief in the possibilities of crypto assets. He mentioned that the state’s crypto portfolio will experience explosive growth during Trump’s presidency.
During the discussion, Patronis revealed that Florida pension funds hold $800 million in digital asset investments. However, he believes that with the election of a pro-cryptocurrency U.S. president, digital asset holdings in the state could surge.
Regarding the state’s cryptocurrency portfolio, Patronis said he “wouldn’t be surprised to see it grow under the Trump administration.”
CFO says Trump’s election victory will have a positive impact on digital asset adoption in Florida. This situation will lead to a significant increase in cryptocurrency-related investments in Florida and the country as a whole.
Additionally, Patronis argued that the country should deepen its involvement in digital assets. in his latest letter The chief financial officer recommended to the executive director of the Florida State Council that Florida’s retirement funds should include more cryptocurrency-based investments.
Patronis wrote: “As the Chinese Communist Party becomes more involved in the cryptocurrency space, action is necessary. Trump has mentioned forming a Presidential Advisory Council on Cryptocurrency and leveraging the U.S. government’s current cryptocurrency holdings. to build a national Bitcoin reserve.”
Patronis explores the possibilities for digital assets in a Trump-led administration
Additionally, Patronis expressed his desire and expectation for greater growth in the digital asset industry if Trump returns to the White House. He slams cryptocurrency skeptics for their negative stance on the asset. He mentioned that those who ignore cryptocurrencies are making a huge mistake.
Additionally, Patronis reiterated his commitment to promoting the relevance of cryptocurrencies in national investments. He noted that the move would bring beneficial results to the country in the long run.
Furthermore, he pointed out that the huge potential of cryptocurrencies is not only emerging, but emerging. they are already here.
Trump took a more supportive stance on the cryptocurrency industry during his campaign. He promises to revolutionize the U.S. cryptocurrency industry and position the country as a global leader in the industry.
In addition, the Trump team recommended that the Federal Reserve build up a reserve of Bitcoin to purchase billions of dollars annually.
While bullish on cryptocurrencies, Patronis expresses concerns about government overreach via central bank digital currencies (CBDCs).
“We need to be able to use a centralized currency to hedge against this massive overreach by the federal government,” the CFO said.
In addition to Florida, several US states including New Jersey and Wisconsin have also considered the possibility of cryptocurrency investment. May, Wisconsin obtained 94,562 shares of the BlackRock Bitcoin ETF (IBIT), worth nearly $100 million.
Also, July, New Jersey submit Its filing with the SEC allocates a portion of the Jersey City pension fund to a Bitcoin ETF.
