State of Michigan Retirement System Invests in Bitcoin ETFs
Michigan’s Bitcoin Investment
Recently, the State of Michigan Retirement System made a significant move by allocating $6.6 million to Bitcoin ETF products. This decision marks a milestone in Bitcoin’s journey towards widespread adoption, with not only institutions but also governments showing interest in the digital asset.
Ark 21Shares Bitcoin ETF
The pension fund chose to invest in the Ark 21Shares Bitcoin ETF, which is the fourth largest U.S. Bitcoin ETF. This move puts Michigan alongside major players like BlackRock, Grayscale, and Fidelity in the Bitcoin investment space.
Small Investment, Big Potential
While $6.6 million may seem like a small amount compared to the pension fund’s total assets of $143.9 billion, it represents a significant step towards diversification. This investment accounts for just 0.004% of the fund’s total value, translating to around $0.71 worth of BTC per citizen of Michigan.
Luke Broyles, Head of Blockware podcast, praised Michigan’s proactive approach, stating, “As someone from Michigan… boo yah on being ahead of the curve. They got off zero.”
Pensions Investing in Bitcoin
Following Wisconsin’s move to invest in Bitcoin ETFs, the State of New Jersey is also joining the trend. Mayor Steven Fulop announced plans to allocate a portion of the city’s assets into Bitcoin ETFs, filing the necessary paperwork with regulators.
Bitcoin Acceptance Growing
Mayor Fulop expressed confidence in Bitcoin’s future, stating that the debate on its longevity is settled. The city of Jersey aims to complete its Bitcoin allocation by the end of summer, with around 2% of the fund’s assets to be invested in BTC.
Interest in Bitcoin is not limited to New Jersey, as other states have passed legislation to protect citizens’ rights to hold Bitcoin. Ohio, for example, introduced a bill in April to ensure custody rights for Bitcoin holders, showing a growing acceptance of cryptocurrency across the United States.
Bitcoin ETF Evaluation for Potential Investment
Many large investors are considering the potential of investing in a Bitcoin ETF, as the cryptocurrency continues to gain mainstream acceptance. Bitwise CIO Matt Hougan has noted that while current Bitcoin allocations may be small for most investors, they tend to increase over time as confidence in the asset grows.
Special Offers for Crypto Investors
For those looking to enter the cryptocurrency market, there are exclusive offers available to help kickstart your investment journey. Binance is offering a $600 welcome bonus for new users who sign up through a designated link. Additionally, BYDFi Exchange has a limited offer for 2024, providing a welcome reward of up to $2,888 for users who register and open a 100 USDT-M position for free. Take advantage of these special offers to maximize your investment potential in the crypto space.
