NZ Fund Management’s KiwiSaver Growth Fund has invested in Bitcoin, and James Gorr’s Chief Investment Officer (CIO) expects to appear in more KiwiSaver initiatives within five years. This was reported by Stuff on the 26th (local time).
Kiwi Saver revised the proposal document in October to allow for the first investment in cryptocurrency. It was found that Kiwi Saver owned about 5% of its assets in bitcoin in October of last year. As of the end of December of last year, the assets under management were worth $350 million (approximately 3966 billion won).
“I bought it for $10,000 in October,” said Grigor. It was $62,000 on the weekend, and it’s back on $55,000 today.”
“Bitcoin has many attractive features of gold that investors often buy as a store of value during economic crises. If you are satisfied with investing in gold, you really can’t invest in Bitcoin.” Added.
Kiwi Saver was introduced to prepare for retirement by increasing the savings of poor households among New Zealanders and to reduce the share of high real estate assets in the household sector.
(NZ Funds Management’s KiwiSaver growth fund has invested in bitcoin, and chief investment officer James Grigor expects that within five years it will feature in more KiwiSaver schemes.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.