A New Zealand hedge fund, NZ Funds Management, which had $350 million worth of assets under management at the end of December 2020, says five percent of its money is invested in bitcoin. According to the firm’s CIO James Grigor, bitcoin is also set to be featured in more of its Kiwisaver investment schemes within the next five years.
‘You Cannot Discount Bitcoin’
As explained in a local report, the firm’s bitcoin acquisition only became possible in October 2020 when an amendment was made to its offer documents. Meanwhile, in justifying the acquisition, Grigor said:
Bitcoin had become a commodity, with many of the attractive hallmarks of gold, which investors often bought as a store of value in times of economic crisis.
In the past few years, BTC has cemented its reputation as an alternative store of value. Many supporters and opponents (including U.S. Federal Reserve chair Jerome Powell) see bitcoin as a digital form of gold. This is possibly one attribute of the crypto ass
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