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New Zealand Retirement Fund Purportedly Allots Five Percent To Bitcoin

Institutional uptake of Bitcoin seems to be escalating. KiwiSaver of New Zealand seems to have built up position in Bitcoin in the month of October, last year.

It is to be noted that KiwiSaver Growth Strategy is a three hundred and fifty million dollars retirement plan operated by New Zealand Wealth Funds Management. The fund has purportedly allocated five percent of its assets to Bitcoin, thus highlighting the constant flow of institutional investors entering the cryptocurrency domain.

As per James Grigor, the CIO at New Zealand Funds Management, Bitcoin’s evident similarities to gold were referred to as one of the key reasons for getting into the aforementioned trade.

In a conversation with Stuff, a New Zealand news agency, he said,

“If you are happy to invest in gold, you can’t really discount bitcoin.”

He further added that Bitcoin will be featured in more KiwiSaver products over the upcoming 5 years.

Grigor elaborated that his firm bought BTC for the 1st time in the month of October when it was valued at around ten thousand USD. To accomplish the trade, New Zealand Fund Management had to change its offer documents to permit for digital currency investments.

While hedge funds and family offices have been constantly accepting Bitcoin, pension funds are conceivably the slowest to espouse the cryptocurrency asset class. The burgeoning of institutional onramps might assist promote the espousal narrative.

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