Cryptocurrency News
A UK pension fund has decided to add Bitcoin to its balance sheet, making it a pioneering move in the country.
Cartwright, a pensions advisory firm, revealed on Monday that it advised an undisclosed UK client to allocate 3% of their portfolio to Bitcoin.
The firm cited Bitcoin’s impressive long-term growth, with the cryptocurrency’s price surging nearly 100,000% since 2013, according to CoinGecko data.
The decision was made by trustees of the scheme due to its extended investment time frame, as stated in the announcement.
Sam Roberts, the director of investment consulting at Cartwright, expressed hope that this strategic move would be emulated by others in the UK.
Cartwright anticipates a gradual institutional adoption of Bitcoin similar to the uptake of equities by pension funds in the 1970s.
In the wake of the approval of spot Bitcoin ETFs in January, institutional interest in Bitcoin has grown worldwide, with major players like BlackRock and Fidelity collectively acquiring over 1 million Bitcoin.
Edited by Andrew Hayward
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