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New Zealanders can now bank on Bitcoin as part of their retirement plan

New Zealanders can now bank on digital assets as part of their retirement plan. The KiwiSaver Growth Strategy fund from local fund manager NZ Funds has allocated 5% of its balance sheet to bitcoin.

New Zealanders can now bank on Bitcoin for retirement

He said:

“If you are happy to invest in gold, you can’t really discount bitcoin,” the firm’s Chief Investment Officer James Grigor said. The fund is majorly built up through traditional asset classes like bonds and shares, but bitcoin is there to act as a counterbalance during the days when it’s not plain sailing. You may still have a positive view of those asset classes, but other opportunities present themselves.”

According to a disclosure document, the fund began purchasing bitcoin in October. Disclosures show the fund completed the purchase at the beginning of the bull market, buying the BTC at an average price of $10,000.

Grigor is quoted as saying that he believes bitcoin’s value will continue on its upward trajectory but if we think the momentum has gone, we will move onto the next asset class. The fall of 2020 will probably be seen as the period when bitcoin became institutionalized. In August of 2020, MicroStrategy started its bitcoin odyssey followed by additional purchases in September and October. Square began on a similar path with a $50 million bitcoin buy that fall. But perhaps the more important milestone from that year was in December with the purchase of $100 million in bitcoin by MassMutual, one of the country’s oldest insurers.

This trend shows no sign of slowing down: earlier this month JPMorgan Chase gave digital assets the blue-chip halo with a crypto exposure basket available to its wealthiest clients; Morgan Stanley followed suit and brought online a similar product for its clients.

James Jung, CEO of Delio, a Korea-based crypto lending provider, stated:

“BTC is going to gain big popularity as an alternative investment product and will become an essential part of an investment portfolio mixed with stocks and bonds.”

You can see the BTC price here.

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