'We'd Be A Fool If We're Not Prepared'—Florida's Chief Financial Officer Vows To 'Harness Opportunities' In Crypto

Florida Chief Financial Officer Jimmy Patronis is advocating for the state's pension fund to explore crypto investments, emphasizing the long-term viability of digital assets.

What Happened: "We'd be a fool if we're not prepared to do everything we can to harness the opportunities there," Patronis stated in an interview with CNBC on Thursday, underlining his commitment to equipping Florida's State Board of Administration (SBA) with a comprehensive investment toolkit, which now includes cryptocurrencies.

With Florida experiencing significant economic growth and an influx of 400,000 new residents last year, Patronis believes the state's strong fiscal reserves—now quadruple what they were in 2020—make it well-positioned to diversify into crypto.

“Crypto's not going anywhere. It's not going to contract; it's going to continue to expand," he said, reinforcing his bullish stance on Florida's economy and its potential alignment with digital assets like Bitcoin BTC/USD.

Also Read: Trading Bitcoin During The 2024 Election: Here’s What You Should Know

Patronis also referenced global competition, cautioning that ignoring crypto could allow rival nations to gain a technological edge.

Highlighting his concerns about China's crypto ambitions, he added, "If you're not paying attention to it, you're making a mistake."

Patronis reiterated that recent legislation signed by Florida Governor Ron DeSantis, aiming to curb federal overreach into personal finances and combat Central Bank Digital Currencies (CBDCs), aligns well with his push for state-level crypto initiatives.

What’s Next: As Patronis continues to promote crypto integration into Florida's pension fund, the digital asset landscape will be a critical topic at the upcoming Benzinga Future of Digital Assets event on Nov. 19, where industry experts will address similar issues surrounding digital assets, regulatory implications, and investment strategies.

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