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The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the City of Houston’s firefighters, Texas, which represents 6,600 firefighters and survivors, purchased $25 million worth of Bitcoin and Ethereum.
The fund’s head of investment said in a press release as the fund believes in the disruptive power of cryptocurrencies.
Business Insider covering the topic writes the investment was made with help from the New York Digital Investment Group (NYDIG).
The Houston firefighters’ pension fund manages about $5.5 billion in different assets, and according to the fund, the crypto investment was part of a long-standing plan that was under consideration for some time.
Ajit Singh, the fund’s chief investment officer, said the investment directly expresses management’s belief in the power of cryptocurrencies and the innovativeness of digital currencies.
“We are excited to take this first step forward into the world of digital assets. This investment expresses our belief in the disruptive potential of distributed ledger technology for the development and democratization of value accumulation through disintermediation, We have been studying digital assets’ transformative potential for some time, and we are pleased to have a partner of NYDIG’s caliber to ensure secure, robust and efficient execution, and enhanced compliance as we enter this new market.”
Nate Conrad, NYDIG’s head of global asset management, said this step is an important turning point for Bitcoin, Ethereum, and their public view, particularly in relation to pensions and retirement plans.
“This investment represents a watershed moment for bitcoin and its place in public pensions,”
BTC and ETH continue to have great momentum and with many believing, we are nowhere near the top, these pension funds can have an even brighter future with these investment decisions.