According to reports, the Texas Firefighters’ pension fund allocated $25 million to Bitcoin and Ether

The Houston Firefighters Pension Fund has allocated part of its $4 billion investment portfolio to cryptocurrencies.

According to a Bloomberg report on Thursday, the Houston Firefighter Relief and Retirement Fund used New York Digital Investment Group (NYDIG) executed the purchase of $25 million in Bitcoin (Bitcoin) And ether (Ethereum).Pass the public records of the Texas Comptroller’s Office exhibit As of June 2020, the total net assets held by pension funds exceed US$4.1 billion, which means that the group has allocated approximately 0.6% of its investment portfolio to digital assets.

Ajit Singh, the chief investment officer of the fund, said: “For some time, we have been studying adding it to our portfolio as an asset class.” “It has become that we can no longer ignore it. Asset class.”

He added:

“As more and more institutional adoptions occur, supply and demand will evolve. Owning physical assets-actual tokens-provides us with the potential for revenue generation in the future.”

The fund Yes Responsible for the welfare of more than 6,600 active and retired firefighters and surviving family members.According to the group, more than half of the fund is invest Common stocks and private equity also include domestic stocks, international stocks, bonds, cash and real estate.

related: Cryptocurrency and pension funds: like oil and water, or maybe not?

In June, retirement plan provider ForUsAll offered its customers the following options: Invest up to 5% of portfolio assets In terms of cryptocurrency, he said that if U.S. citizens do not have the option to use crypto assets in their retirement plans, they may be at a “disadvantage.”Earlier this year, Grayscale also reported that it had seen Actively invested pension funds and endowment funds Enter its fund and get exposure to cryptocurrency.