New Zealand is Allocating 5% out of Retirement Funds into Bitcoin

When it comes to cryptocurrencies, the perception among the common people is that it is just a short-term investment. There are many who are still not fully familiar with cryptocurrencies or have very little information about cryptocurrencies.

Over time, cryptocurrencies have managed to gain worldwide recognition and it is not because they are best for short-term investments. The best thing about cryptocurrencies is their adaptability and tendency to be incorporated with any sector or technology.

In the past couple of years, cryptocurrencies have shown the entire world what they are capable of. There are now more than 6,000 cryptocurrencies all over the world but there is one that almost everyone knows about, which is Bitcoin (BTC).

Bitcoin (BTC) is currently the largest cryptocurrency in the entire crypto-verse and is the first-ever cryptocurrency. Bitcoin (BTC) is the cryptocurrency that started it all and introduced the entire world to a new concept and way of managing funds.

With the passage of time, Bitcoin (BTC) has gained so much adoption that it is now the most demanded asset in the majority of the countries. There used to be a time when the traditional financial institutions from all over the world opposed Bitcoin (BTC) and cryptocurrencies altogether.

However, the situation has now changed and every major investment company, financial institution, or governmental sector is trying to get their hands on Bitcoin (BTC) in any way possible.

Just recently, the Wealth Funds Management of New Zealand has made a huge announcement surrounding the adoption of Bitcoin (BTC). The management has announced that its KiwiSaver Growth Strategy program will now be allocating 5% of its asset to Bitcoin (BTC).

KiwiSaver Growth Strategy is the creation of the Wealth Funds Management of New Zealand, which is a $350 million retirement plan.

This marks another milestone for Bitcoin (BTC) as well as the cryptocurrency industry for being adopted by another governmental sector from another country. The NZ Wealth Funds Management’s chief investment officer (CIO), James Grigor also explained the reason why they decided to make the decision.

As per Grigor, Bitcoin is almost similar to Gold when it comes to being an investment asset. This is the reason why the management decided to go for it and make the most out of the current bullish nature of Bitcoin (BTC).

He stated that if an investor is willing to invest in gold then they must also invest in Bitcoin (BTC). Grigor also hinted that this is not the limit or extreme that the management has reached with Bitcoin (BTC). They are planning to introduce Bitcoin (BTC) in many more products that they have in the pipeline for KiwiSaver. According to Grigor, they have a full plan laid out for Bitcoin (BTC) utilization in their department for the next 5 years.