A pension fund in the United States has added both Bitcoin and Ether to its portfolio. This marks the first-ever cryptocurrency investment by a US public pension plan, further highlighting institutional demand for crypto exposure. Firefighter Pension Partners With NAYDIG According to a press release from Newswire, the Houston Firefighters' Relief and Retirement Fund (HFRRF) announced their investment this morning. NAYDIG – a Fintech service provider for banks, corporations, and institutions – facilitated the purchase on the fund’s behalf. It…
Tag: Traditional Assets
Crypto Is Fundamentally Flawed As A Currency, Says UBS Economist
With investors losing faith in fiat currencies and traditional payment systems, many argue that cryptocurrency, particularly bitcoin, is a viable replacement, and it has changed the concept of money. Some companies worldwide are already accepting crypto payments. Even PayPal has integrated cryptocurrencies like Bitcoin and Ethereum into its payment network and is set to allow customers to use them for purchases later this year, a move that could foster mass adoption. Crypto Not A Proper Currency However, Paul Donovan, chief…
9 months ago
Bitcoin Seems Correlated with Crude Oil, is Trouble Imminent?
On April 20, crude oil incurred a momentous price decline by 99 percent. This unexpected decline increased the difficulties posed by the coronavirus pandemic. The difficulties are more in nations where fuel is 90 percent of all exports. Due to correlation among traditional assets, the swift decline affected gold and SPX. However, when we examined the cryptocurrency markets, it was discovered that on the same day, Bitcoin incurred a 4.9 percent decline. Bitcoin experienced rejection at $7.2k price level. As at the time…
1 year ago
