New Zealand KiwiSaver Fund Invests in BTC

Another fund reportedly allocated around 5% of its assets to BTC. KiwiSaver growth fund, launched by NZ Funds Management.

Its Chief Investment Officer, James Grigor, said that he expects BTC will feature in more KiwiSaver schemes. Grigor further stated that BTC had become a commodity possessing many gold-like attributes.

The KiwiSaver Growth Strategy fund has about $350 million in assets under management as of end December 2020, of which 5% is in BTC.

Fund management companies are increasingly diversifying into BTC as a growth-accelerator bet and also to position themselves to be forward looking. Indeed, as a new generation of wealth earners (millennials, gen Y and Z) get more accustomed to cryptocurrencies such as BTC, a fund manager who is traditionally against crypto investments will be shunned by many of them.

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