Houston’s $5 billion firefighter pension fund has purchased $25 million worth of cryptocurrencies (Bitcoin and Ethereum). The Houston Firefighters’ Relief and Pension Fund has purchased $25 million worth of Bitcoin and Ether. Detail cryptocoin.com‘in.
Firefighters’ pension fund invests in crypto
It is known that there is a fund of 5.5 billion dollars under the management of the fund, which serves 6,600 firefighters and their disabled. The fund’s CIO said the acquisition represents a belief in the disruptive potential of crypto. The Houston firefighters’ pension fund has been heavily invested in crypto. The Houston Firefighters’ Relief and Pension Fund announced that it has purchased $25 million worth of Bitcoin and Ethereum with the help of NYDIG, known as the New York Digital Investment Group. The fund, which has $5.5 billion in assets under its management, said the investment has been on their agenda for years.
The fund’s chief investment officer, Ajit Singh, said it expresses belief in the “disruptive potential” of cryptocurrencies. Responsible Singh said: “We are excited to take this first step towards the world of digital assets.” The investment “represents a milestone for Bitcoin and its importance in public pensions,” Nate Conrad, NYDIG’s head of global wealth management, said in a press release. The National Association of State Pension Administrators found that public pension funds audit about $5.5 trillion in assets. The Houston firefighters’ pension fund was reportedly not the first to leap into digital assets, as there was also an acquisition in Virginia two years ago.
Houston first?
According to the information received, Houston’s fund includes more than 6,600 active and retired firefighters and firefighter survivors. Bitcoin has seen a rapid rise this week after regulators approved the first Bitcoin-linked exchange-traded fund. Trading under the code BITO, the ProShares Bitcoin Strategy ETF has surpassed $1 billion since its launch on the New York Stock Exchange on Tuesday, the fastest trading an ETF has ever made. Bitcoin, which hit an all-time high of around $67,000 this week, fell 5.7% to $63,103.11 at 11:03 p.m. in New York, according to data from CoinMarketCap. Ethereum, the world’s second largest cryptocurrency, traded slightly higher at $4,095.28.
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