Pension funds are evaluating Bitcoin as an asset class for diversifying their portfolios, according to Grayscale CEO Michael Sonnenshein.
On June 10, he mentioned this in an interview with CNBC. The crypto market’s downturn, in his perspective, has had no impact on the amount of interest in cryptocurrencies.
Most of these funds, according to Sonnenshein, are focused on the long term, which is why they are more concerned with rules.
As he puts it,
- We are spending time with politicians, and some of the largest pensions and endowments focused on diversifying their portfolios and actively exploring crypto allocations. It’s a different kind of consensus.
The announcement comes after some 401(k) plan managers stated their openness to offer cryptocurrency investing alternatives.
Fidelity Investments, the largest pension plan provider in the United States, announced last month that participants in its 401(k) plan can now invest 20% of their retirement money in Bitcoin.
Workers will also be able to invest 5% of their retirement funds in cryptocurrency, according to the San Francisco-based 401(k) administrator. Furthermore, through a self-brokerage window, the company will allow these individuals to use a variety of cryptocurrencies.
