The US-based digital asset firm, Morgan Creek Digital, has secured what’s said to be the first investment into the crypto industry from a US pension fund, according to a press release published by Bloomberg.
The investment totaled $40 million and was made by 2 US pension funds from the Fairfax County Retirement Systems, along with an insurance company, a university endowment, and a private foundation.
According to reports from The Next Web, the new venture capital fund is called the Morgan Creek Blockchain Opportunities Fund. Originally capped at $25 million, the fund was increased due to overwhelming demand. It is focused solely on investing in digital assets, with Bitcoin (BTC) being the primary digital asset.
Moreover, Anthony Pompliano, founder and partner of Morgan Creek Digital, wrote a blog post on the usefulness of Bitcoin in the pension sector back in December 2018. He proclaimed that every pension fund should buy Bitcoin (BTC), adding:
“It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in.”
A Big Step for Crypto
Morgan Creek Digital’s new venture capital fund marks an important big step for the cryptocurrency industry, as it’s the first fund to capture capital from US pension funds. Recognizing the fund’s significance was Changpeng “CZ” Zhao, CEO of the world’s largest crypto exchange, Binance.
CZ praised Morgan Creek Digital’s accomplishment via Twitter in a tweet tagging Pompliano:
Small step for @APompliano, big step for #crypto! https://t.co/LQSNWsqQxI
— CZ Binance (@cz_binance) February 12, 2019
Pomp then responded to CZ with a “right back atcha!” tweet.
You’ve been pushing the pace for awhile. I was getting jealous 😂👊🏽
— Pomp 🌪 (@APompliano) February 12, 2019
Will we see more pension funds invest in Bitcoin (BTC) in 2019? Let us know what you think in the comment section below.
