in

New Zealand Retirement Fund’s Multi-Million Dollar Bitcoin Allocation Surges 460% in Five Months

New Zealand Retirement Fund’s Multi-Million Dollar Bitcoin Allocation Surges 460% in Five Months


New Zealand’s KiwiSaver Growth Strategy fund is seeing its multi-million dollar Bitcoin allocation pay off big time in a span of five months.

Citing New Zealand Funds Management chief investment officer James Grigor, local news outlet Stuff reveals that the $244 million (NZ$350 million) retirement plan invested 5% of its capital in Bitcoin.

Grigor says the fund first bought the top crypto when it was worth $10,000 in October 2020. At time of writing, BTC is valued at $56,000, indicating that the fund’s investments grew 460% in less than half a year.

Says Grigor,

“If you are happy to invest in gold, you can’t really discount Bitcoin.”

The fund is part of the national KiwiSaver program that aims to help workers save for their retirement similar to a 401(k) account in the US.

On-chain analyst Willy Woo reveals that the fund printed huge gains after its Bitcoin allocation.

“NZ KiwiSaver pension fund, Growth Strategy.

What’s with the green boner?

Oh yeah, they bought a small allocation into Bitcoin Q4 2020.”

Source: Willy Woo/Twitter

Woo adds that Bitcoin’s meteoric ascent from $10,000 to above $60,000 this month would have forced the fund to unload some of its BTC holdings.

“BTC would represent 20%+ of the fund in March 2021. I imagine they would have rebalanced since then, selling down some of their GBTC the last few weeks, given it’s a diversified fund…

3%-10% of Kiwi salary and wage income deploys into KiwiSaver, they have the option to pick the Growth Fund which is exposed to BTC. Hint hint.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Trong Nguyen





Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Norwegian Billionaire Joins the Club

Norwegian Billionaire Joins the Club

Analysts: XRP to Plunge Further Even After 30% Drop on SEC Lawsuit

FireProtocol Chooses Polkadot to Scale Up