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Michael Saylor Predicts Pension Funds Will Need Bitcoin
Alex Dovbnja
MicroStrategy’s Michael Saylor believes SWIB’s Bitcoin bet is just the beginning
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His prediction is now far-fetched. In a statement on Tuesday, the State of Wisconsin Investment Board (SWIB), the agency that manages the state’s public pensions, revealed that it had acquired $99 million worth of shares of BlackRock’s Bitcoin ETF (IBIT). This could be a watershed moment for institutional adoption, according to Eric Balchunas, senior ETF analyst at Bloomberg. Balchunas has expected that other pension funds could also jump on the ETF bandwagon, following SWIB’s example.
SWIB’s Bitcoin investment is very notable considering how risk averse pension funds are. Therefore, it is safe to assume that institutional investors are becoming increasingly comfortable owning Bitcoin following the introduction of a number of ETFs earlier this year.
Earlier this month, BlackRock’s Robert Mitchnick revealed that some major institutional investors, including pension funds, were performing due diligence before diving into Bitcoin.
Many large companies have disclosed their holdings in Bitcoin ETFs ahead of the May 15 quarterly 13F regulatory filing deadline. reported by U.TodayJPMorgan, Edmond de Rothschild (Suisse), Wells Fargo and Susquehanna International Group (SIG) are among the big names that now have exposure to these new products.
Saylor previously predicted that 2024 would usher in the era of institutional adoption of Bitcoin.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.