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Europe is shaking Bitcoin's price: the UK pension fund has invested $65 million in BTC
In the UK, a pension fund invested $65 million in Bitcoin, plucking 3% of its assets and launching the first crypto investment in the country. The decision was made by the consulting company Cartwright, which, by the way, has already launched a feature that allows employers to deposit employees' salaries directly to crypto wallets in BTC.
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Details about the UK's decision to invest in Bitcoin
The UK Pension Fund decided to take the bull by the horns and invested directly in Bitcoin, rather than in any ETFs or other derivatives. The purchase cost 50 million pounds (i.e., 65 million dollars). In order not to take any risks, the private key to the wallet was split between five independent institutions.
"We are happy to be pioneers and hope that our move will encourage UK funds to catch up with their Western counterparts who have already appreciated bitcoin to the fullest," he said.commented Sam Roberts from Cartwright.
Pros.in words Bitcoin fanatic Daniel Batten's British fund has invested thirty times more in BTC than the Wisconsin pension fund. Today, this is a RECORD AMONG ALL SOVEREIGN WEALTH FUNDS that have ventured into the digital asset.
The company explained that it added BTC to its portfolio for diversification. Bitcoin, they say, offers a rare chance to hit a good profit with limited risks. It is an ideal asset for those who usually stay away from volatility. This approach allows pension funds and other conservatives to catch the wave of growth and, if possible, minimize losses if the market goes south.
How US pension funds reacted
In the United States, the Wisconsin pension fund was the first to enter the crypto market. However, it did it through the back door: they bought shares of the BlackRock IBIT spot BTC fund, and only 0.1% of their assets. However, they outspent the British in terms of the amount invested - 163 million dollars.
The Michigan Pension Fund diversified its portfolio and bought $11 million worth of Ethereum funds. Apparently, they decided to try to make money on the growing crypto market. The British government, in turn, is keeping up with the times and preparingdraft law on the regulation of cryptocurrencies, NFTs and tokens. The document also provides lawyers with recommendations on how to handle disputed cases and protects crypto owners from fraudsters.
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