New Zealand Wealth Management Fund Invests 5% of its Assets in Bitcoin

KiwiSaver growth fund, a retirement growth fund with investments worth $350 million has invested 5% of its total assets in Bitcoin. The chief investment officer James Grigor also promised more KiwiSaver schemes with bitcoin exposure in the upcoming 5 years. He said,
“Our KiwiSaver is majority built up through traditional assets classes, your bonds and shares, and they will always be the asset classes that compound over time to give people the best retirement they can get.
he added,
But there’s going to be times when it’s not always going to be plain sailing. You may still have a positive view of those asset classes, but other opportunities present themselves,”

New Zealand Wealth Management, a retirement growth fund, now has 5% of its assets in #Bitcoin after their initial hodlings increased by 500%.
— Documenting Bitcoin (@DocumentingBTC) March 25, 2021

Bitcoin’s rising value along with popularity has made it the go-to choice for investors and now even large wealth fund managers. Only yesterday Coingape reported that a Singapore-based $306 billion wealth manager has been buying Bitcoin from miners since 2018. The rising interest of high-value sovereign wealth management funds most of them associated with the government is a clear sign of growing Bitcoin adoption beyond the limited crypto market.
The  Chief Investment Officer of KiwiSaver said that they see Bitcoin as a commodity with properties like gold.

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

However, many other rival wealth managers believe the decision would not be good for investors as …
Story continues on CoinGape

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