Florida Reports $800 Million in Cryptocurrency Reserves

Florida, USA, holds cryptocurrency-related assets valued at $800 million. This was stated by the state’s Chief Financial Officer and Fire Marshal, Jimmy Patronis, in an interview with CNBC.

He noted that he would not be surprised to see these assets grow if Donald Trump wins the upcoming US presidential election.

Florida is not the first US state to invest in cryptocurrencies. In May, the Wisconsin State Investment Board disclosed the purchase of shares in spot bitcoin ETFs worth $163 million. 

At the end of October, Patronis asked the state pension fund management agency to explore the possibility of investing in cryptocurrencies. He also mentioned Trump, who urged the US to accumulate bitcoin.

“This is happening at a time when the Chinese Communist Party is infiltrating the cryptocurrency world every day to seize control of this emerging currency. Trump stated he would create a presidential advisory council on cryptocurrencies and a national bitcoin reserve using digital assets currently owned by the US government,” he wrote.

In the interview, Patronis stated that Florida needs to hedge against “the massive overreach of the federal government with centralized currency.”

Analysts at JPMorgan have predicted a rise in bitcoin and gold should Trump win.