KiwiSaver Growth Strategy, a New Zealand pension fund worth $350 million operated by New Zealand Wealth Funds Management, has made an investment of 5% of its assets in Bitcoin back in October 2020.
In the words of James Grigor, head of investments at the asset managing business, one of the key reasons to devote more than $17 million in Bitcoin was the likeness of the leading cryptocurrency with gold. Grigor also emphasized that in the near future, more KiwiSaver funds will be investing in crypto.
“If you have an interest to invest in gold, there is no real reason to avoid Bitcoin,” he noted.
Considering the fact that in October the Bitcoin rate wavered around $10,000, in only five months the fund multiplied its investments fivefold. Meanwhile, in order to invest in the leading cryptocurrency, the firm had to amend its legislative documents.
Grigor also emphasized that KiwiSaver products “mostly invest in standard asset classes”, but “constantly take advantage of other prospects”. And investing in BTC can “provide people with a better retirement alternative.”
Previously this year, Michael Sonnenschein, who is the CEO of Grayscale Investments, revealed that keenness in Bitcoin from pension funds is continually growing.
