cryptocurrency It’s a busy day for the markets and BTC dropped to $70,355. Florida Chief Financial Officer announced the total amount of investments related to cryptocurrencies in the broadcast he attended today. Moreover, he also spoke about his expectations for the possible victory of the Trump administration. So how many millions of dollars of crypto investments does the US State have?
US State’s Crypto Investment
Florida’s Comptroller Jimmy Patronis spoke to CNBC today and announced that the state has $800 million in cryptocurrency-related investments in its portfolio. Although Florida does not provide details of the state’s total investment, this is not the first time. There are others who invest in cryptocurrency-related financial instruments.
For example, the Wisconsin State Board of Investment and Jersey City, New Jersey do the same. crypto- invested in its products. The Wisconsin State Board of Investment announced in its application in May that they held $163 million in spot Bitcoin ETFs.
Trump and Crypto
Patronis expects cryptocurrency-related investments from Florida and others to increase significantly if Trump wins the election. Trump’s team, Fed’s Bitcoin (BTC) 
$72,362 He suggested that it should make billions of dollars of annual purchases for its reserves.
In a letter sent this week, the same name wrote that the State of Florida should direct some of the “money in the state retirement system” to cryptocurrencies. Investors remember it like it was yesterday when one of the Canadian pension funds announced that it was giving up on hundreds of millions of dollars of losses in the FTX crash.
Patronis wrote the following in his letter;
“Something needs to be done as the Chinese Communist Party enters the crypto world day by day to gain control of this emerging currency. Trump said he would establish a crypto presidential advisory council and create a national BTC “reserve” using the cryptocurrency the US government currently holds.”
This interest in crypto at the level of regional governments BlackRock giants like ETF It became even stronger with its approval. This says that in the next few years, Bitcoin may experience a supply shock in a positive scenario. While the supply on the exchanges does not meet this much demand, MicroStrategy aims to collect $42 billion in funds alone and buy BTC within 3 years.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
