The pension fund for firefighters in Houston, Texas has allocated part of its $4 billion portfolio towards cryptocurrencies.
The Houston Firefighters’ Relief and Retirement Fund used the New York Digital Investment Group to purchase of $25 million in Bitcoin and Ether. Public records through the Texas comptroller’s office show the pension fund held more than $4.1 billion in total net assets as of June 2020.
fund’s chief investment officer Ajit Singh stated:
“We have been studying this as an asset class to add to our investment portfolio for quite some time,”
The fund is responsible for the benefits of more than 6,600 active and retired firefighters as well as surviving family members. According to the group, more than half of the fund is invested in common and private equity but also includes domestic stocks, international stocks, bonds, cash and real estate.
In June, retirement plan provider ForUsAll gave its clients the option to invest up to 5% of their portfolio assets in cryptocurrencies, saying United States citizens could be at a “disadvantage” if they are not given the option of accessing crypto assets in their retirement plans.
