Public pension funds in the United States are still showing interest in digital assets despite the crypto market downturn, according to a Wall Street Journal report.
The report says that investment firms such as VanEck have received inquiries on crypto investing from public pension funds across the US in the last few years.
Likening the current state of crypto assets to consumer internet technology in the early years, the Texas Association of Public Employee Retirement Systems’ executive director, Art Alfaro, says cryptocurrency is an “asset class which should not be ignored,” according to the report.
“Our including them in our educational forums may someday be considered like including educational sessions on the internet in the mid-90s, or the iPhone introduction in 2007, or electricity in the early 1900s.”
The Wall Street Journal report quotes Gil Luria, a strategist at investment bank D.A. Davidson, as saying that the hunt for attractive returns is the reason pension funds are investing in crypto assets.
“Yield chasing has been the sport of pension funds for a while and technology crypto assets overall have had such spectacular returns over the past 12 years that it’s not surprising that yield chasers would at least dip their toes into the water.”
Among the US public pension funds that have invested in crypto assets include the Houston Firefighters’ Relief and Retirement Fund (HFRRF). The HFRRF bought Bitcoin (BTC) and Ethereum (ETH) worth $25 million last year.
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