The New Zealand Pension Fund allocates 5% to Bitcoin

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2021-03-26 08:25:47

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KiwiSaver Growth Strategy – a $ 350 million retirement fund managed by the New Zealand Wealth Funds Management, is said to have allocated 5% of its assets to bitcoin.

According to James Grigor, chief investment officer at New Zealand Funds Management, bitcoin’s striking similarities with gold are considered one of the biggest reasons to enter the crypto market.

“You will be satisfied when you invest in bitcoin, compared to gold, bitcoin has many outstanding points,” Grigor told Stuff news agency.

Grigor added that KiwiSaver Growth Strategy first bought bitcoin last October when it was priced at around over $ 10,000 and to buy bitcoin, the New Zealand Fund Management had to change its offering documents to allows KiwiSaver to invest in cryptocurrencies.

Bitcoin price peaking above $ 61,000 earlier this month, this has brought KiwiSaver a six-fold profit in just five months.

“If you invest that money in gold, you cannot achieve such huge profits, only bitcoin can do this,” he said.

Even though the price of bitcoin has adjusted over the past week, the pension fund is still relying on the massive returns of BTC.

Grigor explained that “in the past, the pension fund also invested in other types of assets … but the profit is not significant, since the introduction of the opportunity to invest in bitcoin the situation has been better.”

“In the case of bitcoin, it’s an asset that can help give people the best retirement they can get through its powerful compounding,” he said.

While bitcoin is slowly gaining institutional adoption, pension funds are perhaps the slowest in accepting this type of digital asset. In the US, Grayscale has noted that pension funds are increasingly wanting to participate in bitcoin.

Michael Sonnenshein, CEO of Grayscale said:

“Recently, we have seen that the size of pension funds’ investments in bitcoin is increasing rapidly, many funds are making huge allocations into bitcoin … this is a good sign.”


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