UK-based pension scheme makes 3% Bitcoin allocation

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As a seasoned researcher with over two decades of experience in the financial industry, I have witnessed numerous shifts and transformations in investment trends. The recent news of an unnamed UK pension scheme allocating 3% of its funds to Bitcoin is certainly intriguing.

A UK pension expert, Cartwright, disclosed that an unidentified pension plan has invested 3% of its funds in Bitcoin.

As per a notice dated November 4th, Cartwright stated that following a thorough evaluation and careful consideration, a UK pension fund decided to invest in Bitcoin (BTC), noting their extended investment timeline.

Steve Robinson, the head of investment implementation at the company, stated that the cryptocurrency investment would aid in lessening the dependence on employer contributions.

1) The firm failed to offer more information regarding the type and amount of investments for their retirement plan, while we attempted to contact Cartwright for a statement; however, no reply was received before our article went live. (Paraphrased from your original text)

Are pension funds moving into crypto?

2024 saw an increasing number of city and national administrations exploring cryptocurrency investments for their pension funds, while in the UK, the large-scale pension and investment company Legal and General (with a whopping $1.5 trillion in assets) declared in October that they were open to providing tokenized investment options.

The South Korean pension system has approximately $34 million tied up in investments related to MicroStrategy, a company that heavily backs Bitcoin. As for the Michigan State Retirement System, they own around $18 million worth of stocks connected to Bitcoin and Ether trading platforms as of September 30th.

After a July election, there was a change in power within the UK government, marking the first time in 14 years that the Conservatives had relinquished control to Labour.

Prior to the United Kingdom’s election, certain experts anticipated that digital asset regulation would not be a top priority for the incoming administration, with its proposed budget not being unveiled until November. However, it is important to note that the Financial Conduct Authority in the UK serves as the country’s financial guardian, taking enforcement actions against cryptocurrency companies when necessary.

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2024-11-05 00:23