Bitcoin News Yesterday: Houston Police and Fire Pension Furthers Crypto Investment
Houston, Texas – The Houston Police Officers’ Pension System (HPOPS) and the Houston Firefighters’ Relief and Retirement Fund (HFRRF) have announced a further investment in Bitcoin and other cryptocurrencies.
The move comes as part of the two funds’ diversification strategy, which has seen them allocate a portion of their assets to alternative investments in recent years. They join a growing number of institutional investors who are adding Bitcoin to their portfolios.
The specific amount of the investment has not been disclosed, but it is believed to be a significant sum. The funds are partnering with crypto investment firm NYDIG to manage the investment.
HPOPS and HFRRF are among the largest public pension funds in the United States, with combined assets under management of over $15 billion. Their decision to invest in Bitcoin is a further indication of the growing institutional acceptance of cryptocurrencies.
Growing Institutional Adoption
The investment by HPOPS and HFRRF follows a similar move by the Dallas Police and Fire Pension System in May 2021. Other large institutional investors, such as Tesla, Square, and MicroStrategy, have also invested heavily in Bitcoin.
This trend is expected to continue as more institutions recognize the potential of Bitcoin as a diversifier and hedge against inflation. Bitcoin has outperformed other asset classes in recent years and is seen as a safe haven in volatile markets.
Houston’s Crypto Ecosystem
Houston is home to a growing crypto ecosystem, with several startups and businesses focused on the development and implementation of blockchain technology. The city is also home to the University of Houston’s Blockchain Research Center.
The investment by HPOPS and HFRRF is expected to further boost Houston’s reputation as a crypto-friendly city and attract more crypto companies and investors to the area.
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