Houston’s $5 billion firefighter retirement fund buys $25 million worth of bitcoin and ethereum

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Houston’s $5 billion firefighter retirement fund buys $25 million worth of bitcoin and ethereum

The Houston Firefighters Relief and Retirement Fund announced that it had purchased $25 million worth bitcoin and ethereum from NYDIG, also known

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The Houston Firefighters Relief and Retirement Fund announced that it had purchased $25 million worth bitcoin and ethereum from NYDIG, also known as the New York Digital Investment Group.

The fund has assets of $5.5 billion and said that the investment was years in the making.

Chief investment officer of the fund, Ajit Singh, stated that the fund believes in the ‘disruptive potential’ of cryptocurrency. “We are excited to make this first step into the world digital assets.”

According to Nate Conrad (NYDIG’s global head for asset management), the investment “represents an historic moment for bitcoin, and its place in government pensions,” the press release.

The National Association of State Retirement Administrations estimated that public pension funds have assets worth $5.5 trillion.

Bloomberg reported the Houston firefighters’ pension fund wasn’t the only one to jump into digital assets. Two Virginians also bought the same story two years ago.

According to Houston’s website, the fund has more than 6,600 firefighters (active and retired) and survivors of firefighters.

After the approval of the first ever bitcoin-linked exchange traded fund, bitcoin has seen a swift rally. Since its launch on Tuesday at the New York Stock Exchange, the ProShares Bitcoin Strategy ETF trades under the ticker BITO. This is the fastest ETF to do so.

According to CoinMarketCap data, Bitcoin fell 5.7% at $63,103.11 at 11 a.m. in New York. This week’s record high was close to $67,000. The second-largest cryptocurrency in the world, Ethereum, was slightly higher at $4.095.28.