The crypto industry with its impeccable growth managed to garner a lot of traction across the globe. Bitcoin [BTC] even went on to hit an all-time high of $61K. However, at the time of writing, BTC was trading for $53,282 with a 4% surge in the last 24-hours. The king coin’s market cap surged to a high of $1.10 trillion.
New Zealand, has been time and again making headlines for an array of things. It was even one of the first countries to become Covid-19 free. However, this time, it was regarding Bitcoin. A prominent retirement plan, KiwiSaver growth fund spearheaded by the New Zealand Wealth Funds Management has reportedly decided to allocate 5% of its assets to the king coin.
Bitcoin For Retirement Funds
In a recent report by a local news portal, the KiwiSaver growth fund has followed the trail of several prominent platforms and decided to onboard BTC. Bitcoin and gold are often compared with each other. The comparisons between the two include limited supply, store value assets, and several others. This similarity seemed to have stood out for the Chief Investment officer of the KiwiSaver growth fund, James Grigor.
Speaking about the same, Grigor said,
“If you are happy to invest in gold, you can’t really discount bitcoin.”
Furthermore, Grigor revealed that the platform had first jumped on to the BTC bandwagon back in October 2020, when the asset was valued only at $10,000.
This 5% allocation of the platforms assets into Bitcoin could be great push for the cryptocurrencies especially in New Zealand. Addressing KiwiSaver growth fund’s latest move, Grigor further added,
“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. 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.”