Two major US pension funds are entering the crypto industry. As announced on Tuesday morning, the two public pension funds support a crypto venture capital fund worth $ 40 million. This is the first participation of US pension funds in virtual currencies. Will others follow?
The two pension funds that are registered in the state of Virginia are a fund for policemen and an employee fund – together the funds manage around 1.2 billion US dollars. The pension funds are participating in a new venture capital fund of Morgan Creek Capital. The majority of the capital is invested in companies from the blockchain industry, including Coinbase and Bakkt. But part of the money goes into cryptocurrencies like Bitcoin and Ethereum.
Pension funds invest in crypto industry and Bitcoin: “Great potential for the future”
Anthony Pompliano, founder of Morgan Creek Digital, told Bloomberg that this is not about short-term profit, but long-term prospects.
“Smart investors can not be distracted by the prices, but look to longer trends.”Anthony Pompliano