Finally, government sovereign and wealth funds have now started putting their money into Bitcoin (BTC). As per the latest news, New Zealand’s KiwiSaver Pension Fund allocated a very small percentage i.e. 5% of their total assets to Bitcoin (BTC) during Q4 2020.
Needless to say, soon after the fund has purchased Bitcoin, its performance has skyrocketed massively. Crypto analyst Willy Woo reports that out of the total $525 million in net assets under management, the fund allotted $28m in Novogratz‘s Galaxy Digital and $21m in futures exposure.
Speaking to the local news publication Stuff, the fund’s chief investment officer James Grigor said that Bitcoin has striking similarities to Gold. This was one of the biggest reasons the banks decided to go with Bitcoin (BTC). “If you are happy to invest in gold, you can’t really discount bitcoin,” he said.
Grigor further noted that the pension fund purchased Bitcoin (BTC) for the first time in October 2020 when it was around $10,000. Thus, as the BTC price peaked over $60,000 this month, the Fund already clocked 6x returns in mere six months.
Big money is coming to Bitcoin (BTC)! Apart from institutions and corporates, even pension fund and sovereign fund money has started flowing into BTC. Earlier in January 2021, Grayscale confirmed that it is seen rising interest from Pension Funds and Endowments.
In another major revelation, Singapore’s Temasek – a $306 billion sovereign wealth fund – has been investing in Bitcoin since 2018. Popular investors Raoul Pal also confirmed the development during his recent RealVision event.
There’s a huge wall of money coming to Bitcoin (BTC) as big players enter the game. Commenting on who’s selling and the recent price volatility in BTC, the investor wrote: “Leverage traders, miners and institutional rebalancing. That’s it. Hence the ongoing upside price dislocation”.
At press time, Bitcoin (BTC) is trading at a price of $52,913 with a market cap of just under $1 trillion.
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