- KiwiSaver invested 5% of its $350 million in Bitcoin
- Its CIO is positive that bitcoin will appear in a number of NZ Funds Management’s products
- KiwiSaver’s competitors doubt the decision to add the first cryptocurrency to clients’ pension plans
New Zealand’s KiwiSaver, a voluntary savings scheme for workers, has invested 5% of its $350 million in Bitcoin, according to Stuff.
In October 2020, the company amended the investment declarations of the funds to invest in digital assets. Chief investment strategist of New Zealand Funds, James Grigor does not exclude the possibility that bitcoin will appear in a more significant number of products offered by NZ Funds Management.
James Grigor further added, he said:
‘If you are happy to invest in gold, you can’t really discount bitcoin… 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’.
Moreover, in the rise in bitcoin’s price, Grigor sees its legalization. He refers to the recent decision of Morgan Stanley to open access to bitcoin funds to clients, thanks to which investors will own BTC.
On the other hand, NZ Funds Management’s competitors doubt the decision to add the first cryptocurrency to clients’ pension plans. They mentioned high volatility and lack of real use.
Still, NZ Funds is counting on the continued growth of the first cryptocurrency. In case they find the prerequisites for completing this impulse, the company is showing its readiness to move to the ‘next asset class.’
Meanwhile, Bitcoin continues to attract the attention of influencers and investors. Recently, Elon Musk has announced that his Tesla is now accepting Bitcoin. Along with this, Graham Elwood praised Bitcoin while explaining the new stimulus check worth $1,400 on the Jimmy Dore Show.