Houston Firefighters Relief and Retirement Fund Invest $25 Million into Crypto

News • 2021/10/25 • by

Key Takeaways

Houston Pension Fund group invests $25 million in BTC and ETH

Ajit Singh, HFRRF's Chief investment officer, claims that investing in cryptocurrencies has great prospects.

ForUsAll retirement plan provider now allows clients to invest 5% of their holdings in cryptocurrency.

In Bloomberg's report made public on Thursday, the report stated that the Houston Fire Fighters Relief and Retirement Fund, in collaboration With the New York Digital Investment Group, took a detour in its traditional investment pattern after acquiring $25 million in BTC and Ethereum. According to available data made public in the Texas Comptroller's office, it shows that in June, the Houstons Pension Fund held over $4billion in the total net assets. But allocated not up to 1% of that amount, as only a fraction of its holdings has found its way in the path of cryptocurrencies investment.

Ajit Singh, the current chief investment manager for the funds, has expressed a lot of positive vibes with the fund's decision to invest in crypto assets. According to him, the group has been on the trail of cryptocurrencies and only went in when it became clear that the asset class is worthy of being taken as an investment. He also further stated that with more institutional investors embracing the financial potentials in cryptocurrencies, the possibility of future income generation is foreseeable.

Over 6600 in-service and out-of-service firefighters, including surviving family members, are beneficiaries of the fund. According to the firm, most of the funds are scattered across investments in common and private equity. While others were invested in real estate, domestic and international stocks, and bonds.

With a bevy of institutional investors coming into the game, the future of cryptocurrencies is getting brighter by the day. Sometimes in June, ForUsAll, a retirement plan provider, made provisions for its clients to earmark 5% of their holdings in cryptocurrencies' investment. And their rationale was simple - it would amount to a great deal of disservice to the US Citizens if their retirement plan did not include crypto assets. In addition, Grayscale, a world-leading digital currency investment firm, revealed that pension funds and endowments were actively investing in its crypto-related funds earlier this year.

Currently, we have seen massive waves of institutional investments coming the way of cryptocurrencies. Do you think that the campaign for global cryptocurrency adoption is winning?