Florida State Treasurer says state holds approximately $800 million in cryptocurrency investments

Florida State Treasurer Jimmy Patronis stated in an interview with CNBC on Thursday that the state has approximately $800 million in "cryptocurrency related" investments in its investment portfolio.

Patronis said that if former US President Donald Trump was re elected, he would not be surprised by the increase in this amount. Earlier this week, Patronis wrote to Chris Spencer, Executive Director of the Florida Board of Governors (SBA), proposing to evaluate the feasibility, risks, and potential benefits of investing some state retirement system funds in digital asset classes.

Florida is not the first US government agency to invest in cryptocurrency related financial instruments, with the Wisconsin Investment Board (SWIB) and Jersey City, New Jersey being two recent examples. According to the 13-F filing submitted to the US Securities and Exchange Commission (SEC) in August, the Wisconsin Board of Investment holds a $98.9 million BlackRock Bitcoin Spot ETF (stock code IBIT).

Patronis also stated in an interview that he believes Florida needs to hedge against the "excessive expansion of power by the federal government in a centralized currency.

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