Crypto Craze: Pension Funds Jump on the Bitcoin Bandwagon

Bitcoin's skyrocketing value has caught the attention of pension funds, traditionally cautious investors. Even conservative trustees are curious, thanks to bitcoin's dramatic rise last year. Some pension funds in the US and abroad have started dabbling in crypto, hoping to score big returns. Experts predict bitcoin could double again this year, boosted by a potential pro-crypto Trump administration.The Wisconsin and Michigan state pension schemes are among the top crypto fund investors. They've invested in ETFs that track bitcoin and ethereum prices. The Wisconsin fund's bitcoin ETF stake is now worth around $155 million, up 50% since September. Michigan has stakes in ethereum and bitcoin ETFs worth $12. 9 million and $14 million, respectively. Pension funds' crypto adventure comes after previous setbacks. In 2022, Canada's Ontario Teachers' Pension Plan lost $95 million in the FTX exchange collapse. Canada's second-largest pension fund manager also wrote off a $150 million investment in crypto lending platform Celsius Network.