The Korea Teacher’s Credit Union, a fund that managed over $40 billion in assets, is mulling investing in bitcoin next year, according to a report published by The Korea Economic Daily, which adds the union won’t buy BTC directly, but will instead use investment products such as bitcoin exchange-traded funds.
The report, first reported on by The Block, details that the plan is for the union to start investing in bitcoin when the first Korea-based company launches a bitcoin ETF in the first half of next year. The size and other details of the investment are yet to be determined.
An official representing the Korean Teachers’ Credit Union was quoted saying:
As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers.
The pension fund, according to the report, currently invests around 40% of its assets in “alternative assets,” 10% in domestic stocks and 9% in global stocks. It’s set to use the allocation meant for global stocks to invest in bitcoin ETFs.
The report adds that the California Public Employees’ Retirement System (CalPERS) in the U.S. now holds around 113,000 shares of crypto miner Riot Blockchain worth around $3 million, while the Fairfax County Police Retirement System has committed to investing $11 million, or 0.8% of its assets, to crypto-related assets.
As CryptoGlobe reported, the Houston Firefighters’ Relief and Retirement Fund, which has around $5.5 billion of assets under management, has invested $25 million into both bitcoin (BTC) and Ethereum’s ether (ETH).
The pension fund’s move comes after the price of bitcoin hit a new all-time high above the $67,000 mark, seemingly over the listing of the first bitcoin futures exchange-traded fund (ETF), which started trading on the New York Stock Exchange earlier this week.
The Houston fund reportedly handles the retirement benefits for more than 6,600 active and retired firefighters and family beneficiaries. Active firefighters contribute 9% of their salary to the fund, and the city of Houston contributes at least twice that amount.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Pexels
Source: Read Full Article