Florida CFO Jimmy Patronis 'Would Not Be Shocked' to See State’s $800M Crypto Portfolio Grow Under a Trump Presidency: CNBC

• Patronis recommended for the state’s retirement fund to diversify into cryptocurrencies earlier this month.
• But he’s also raised concerns about government overreach through central bank digital currencies.

Florida already holds about $800 million in crypto-related investments in its portfolio, but the state’s Chief Financial Officer Jimmy Patronis said he would “not be shocked to be able to see that growing under a Trump administration in the near future.”

Patronis hit out at crypto skeptics during a CNBC interview on Thursday, saying that those not paying attention to crypto were making a “mistake” and suggesting that Miami could become the “crypto capital of the world”. He has also recommended that the state retirement system direct a portion of its funds into crypto.

“I’m going to continue to push forward to make sure that we're doing everything possible to take advantage of this. It's not emerging, it's here,” he said.

“I need to make sure that we're doing everything humanly possible to get [state employees] the best return on their investment. And if we're not being open minded to what crypto could do to diversify that portfolio, shame on us.”

Other U.S. states have also looked into cryptocurrency investment, including Wisconsin and New Jersey. Trump has floated the idea of a national crypto stockpile if elected president.

Patronis also raised concerns about the potential of a Central Bank Digital Currency (CBDC) in the U.S.

“We need to be able to have a hedge against this massive overreach by the federal government with a centralized currency,” he said.

“I don't want the federal government knowing that my son went to the grocery store to go buy a bag of Doritos at 2:15 in the afternoon. We need to have some protections in place.”