Update: According to a report from The Korea Herald, the Korean Teachers’ Credit Fund says it has no plans to invest in any Bitcoin exchange-traded funds.
One of South Korea’s largest pension funds, the Korea Teachers’ Credit Fund (KTCU), is reportedly planning to invest in various Bitcoin (BTC) exchange-traded funds (ETFs).
The public pension fund was set up to provide retirement benefits for the country’s education personnel.
According to a report from the Korea Economic Daily, the KTCU says that while it wants to invest in Bitcoin spot ETFs, the size of the investment is still yet to be determined.
The decision marks the first instance of a South Korean domestic pension fund allocating capital into cryptocurrency-related products. As of December 2020, the fund managed more than $40.2 billion in assets.
The report notes that the firm’s decision to invest in Bitcoin was based on the judgment that cryptocurrency is gradually becoming a mainstream investment.
In particular, the KTCU says that as Bitcoin-related ETFs began appearing one after another, the perception of BTC shifted towards being a more transparent and supervisable investment.
The report also points to other cases, such as the Houston Firefighters’ Relief and Retirement Fund (HFRRF) recently purchasing both Bitcoin (BTC) and Ethereum (ETH), as more validation of the growing cryptocurrency landscape.
Earlier this month, Australia’s fifth-largest pension fund announced that it would consider allocating some of the firm’s $69 billion into the crypto markets.
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