TechFlow news, November 1 — According to The Block, Florida Chief Financial Officer Jimmy Patronis revealed in a CNBC interview that the state currently holds over $800 million in cryptocurrency-related investments. Previously, Patronis had written a letter earlier this week stating that Florida should allocate part of its state retirement system funds to invest in cryptocurrencies.
Notably, Florida is not the first U.S. government entity to invest in crypto assets. The Wisconsin Investment Board disclosed holdings of $163 million in spot Bitcoin ETFs in May this year. Patronis said the investment in cryptocurrencies aims to hedge against the "excessive intervention" of the federal government's centralized monetary system.
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