The cryptocurrency industry is gaining new converts daily, and the latest of them are major U.S pension plans — Fairfax County Police and Fairfax County Employees Pension.
According to a report by The Next Web, the pensions plans have invested heavily in $40 venture capital fund, raised earlier this week by Morgan Creek Digital, an asset management firm run by Bitcoin enthusiast, Anthony Pompliano.
The venture capital fund tagged — Morgan Creek Blockchain Opportunities Fund — will reportedly invest in the digital asset industry on behalf of its backers.
The decision of the pension plans to invest in the digital asset focused fund was primarily influenced by an earlier blog post published in December by CEO Anthony Pompliano.
In that piece, Pomp had highlighted the benefits that pensions plans stand to gain by investing in Bitcoin instead of keeping their funds in a basket where interest rates struggle to stay above 7% annually.
Surprisingly, while he alluded in the same post that it will take it would take some time to convince pension plan to invest in the digital asset industry, it seems the efforts have paid off earlier than expected.
The next step would be for the decision of the two U.S pension plans to create a cascading effect that prompts hundreds of others to join, according to the CEO.
Meanwhile, although the latest development marks a milestone for Morgan Creek Digital, it also has even greater meaning for the cryptocurrency industry.
Participants have long held that institutional Investors would be crucial for the cryptocurrency markets to grow into the next phase where volatility levels are relatively low.
To this end, efforts such as the Bakkt Bitcoin Futures and several Bitcoin Exchange Traded Fund proposals are currently working towards modeling cryptocurrencies as a traditional investment tool for mainstream investors.
The good news, though, is that the new feat by Anthony Pompliano and his firm clearly shows that an alternate route exists for mainstream investors to invest in Bitcoin as well as the cryptocurrency markets as a whole.
That, in turn, raises high hopes that the crypto industry will undoubtedly live up to its long-touted potential of becoming a significant global financial market in the future.
Subscribe to our Telegram channel to stay up to date on the latest STO and crypto regulations news