KiwiSaver Growth Strategy, a $ 350 million New Zealand pension fund managed by New Zealand Wealth Funds Management, invested 5% in Bitcoin last October.
According to James Grigor, director of investments at the asset management company, one of the main reasons to invest more than $ 17 million in bitcoin was the similarity of the first cryptocurrency and gold. Grigor also stressed that in the future, other KiwiSaver funds will invest in cryptocurrencies.
“If you invest in gold, there is no reason to bypass Bitcoin,” he said.
Considering that in October the bitcoin rate fluctuated around $ 10,000, in just five months the fund increased its investments fivefold. At the same time, in order to invest in the first cryptocurrency, the company had to amend its statutory documents.
Grigor added that KiwiSaver products “mainly invest in traditional asset classes,” but “always take advantage of additional opportunities.” And investing in bitcoin can “give people a better retirement option.”
Earlier this year, Grayscale Investments CEO Michael Sonnenshein said that interest in Bitcoin from pension funds is growing steadily.
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