Michigan Pension Fund Invests in Bitcoin
The State of Michigan Retirement System recently revealed that it had invested $6.6 million in Bitcoin ETF products as of June 30th. This marks a significant step in Bitcoin’s growing adoption among institutions and even governments.
While the $6.6 million investment may seem small compared to the pension fund’s total assets of $143.9 billion, it is still a notable move towards embracing cryptocurrency. In fact, for every citizen of Michigan, this investment represents just $0.71 worth of BTC.
Michigan is now the second U.S. state to confirm its investment in Bitcoin, following in the footsteps of Wisconsin. The State of Wisconsin Investment Board had previously allocated $154 million to Bitcoin ETFs, showing a growing trend among government institutions.
Not only states but also cities are joining the Bitcoin bandwagon. Jersey City’s Mayor, Steven Fulop, announced plans to allow investment in Bitcoin ETFs, further solidifying the acceptance of cryptocurrency in the public sector.
Interest in Bitcoin is not limited to Michigan and Wisconsin. Other states are passing legislation to protect citizens’ rights to custody Bitcoin, with Ohio State Rep. Steve Demetriou proposing similar measures.
While the current Bitcoin allocations by large investors may seem modest, experts believe that these investments will increase over time as more investors dip their toes into the cryptocurrency market. This signifies a shift towards mainstream acceptance of Bitcoin and other digital assets.
Overall, Michigan’s decision to invest in Bitcoin ETF products is a significant development in the cryptocurrency space. As more institutional and government entities embrace digital assets, the path towards mainstream adoption becomes clearer.