As an analyst with a background in studying institutional investment trends, I find Michael Saylor’s prediction about US pension funds needing “some Bitcoin” to be gaining traction. The recent announcement by the State of Wisconsin Investment Board (SWIB) that it had acquired $99 million worth of shares of BlackRock’s Bitcoin ETF is a significant milestone in institutional adoption.
As a crypto investor, I’ve been following the buzz around MicroStrategy co-founder Michael Saylor’s recent prediction on X social media. He believes that US pension funds, managing over $27 trillion in assets collectively, will eventually feel the need to allocate some of their resources towards Bitcoin.
As a researcher, I’ve come across an intriguing development in the world of institutional investment in Bitcoin through exchange-traded funds (ETFs). Wisconsin Investment Board (SWIB), which manages the state’s public pensions, recently acquired $99 million worth of shares in BlackRock’s Bitcoin ETF (IBIT) as disclosed in a Tuesday filing.
As a crypto investor, I find SWIB’s decision to invest in Bitcoin quite significant given the traditionally risk-averse nature of pension funds. This move implies that institutional investors are growing more comfortable with holding Bitcoin, likely due to the recent introduction of various Bitcoin ETFs this year.
Recently, Robert Mitchnick of BlackRock disclosed that several large institutional investors, such as pension funds, are currently conducting thorough investigations before potentially investing in Bitcoin.
Several prominent corporations, including JPMorgan, Edmond de Rothschild (Switzerland), Wells Fargo, and Susquehanna International Group (SIG), have made public their Bitcoin ETF investments prior to the May 15 deadline for submitting quarterly 13F regulatory filings. According to U.Today’s reports, these firms are among the many industry giants that have recently acquired stakes in these innovative financial instruments.
As a financial analyst, I had anticipated that the year 2024 would mark the beginning of widespread institutional adoption of Bitcoin.
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2024-05-14 23:25