Pension Funds Wade Gingerly Into Crypto Investments
The Houston Firefighters’ Relief and Retirement Fund (HFRRF) made news recently when it announced it was investing $25 million in bitcoin and ether, marking what was believed to be the first time a U.S. pension fund had put cryptocurrencies directly on its balance sheet.Of course, $25 million is only a drop in the bucket compared to the $5.5 billion in total assets held by the fund – more precisely, it represents just 0.5% of its portfolio. But it still was a notable first step by the historically conservative investment funds. And if other pension and retirement funds follow suit, it…