A Public Pension Fund dedicated to Houston firefighters recently purchased bitcoins as an investment. The acquisition, made through an institutional service provider, is a turning point in the global perception of Bitcoin as a legitimate and secure investment option for public pensions.
HFRRF Pension Fund
The Houston Firefighters’ Relief and Retirement Fund, or HFRRF in short, announced the bitcoin purchase in the past week. The investment, whose amount is yet to be disclosed, has been merged into the pension plan’s portfolio. This makes HFRRF the first public pension fund to invest in digital assets in the US.
Along with BTC, the HFRRF also invested in another cryptocurrency, a combined total of USD 25 million. As per Bloomberg reports, the crypto service provider shall also be responsible for safeguarding and keeping custody of the pension fund’s crypto assets.
Worldwide Bitcoin Prominence
With the largest market share, Bitcoin is the most popular global cryptocurrency. It has already been legalized in multiple countries like El Salvador, Venezuela, Ukraine, and many more.
Discussions about BTC legalization and making it a legal tender are ongoing in several countries including Brazil and Australia. All these in addition to rapidly rising prices make it a sound investment choice with positive expected returns from financial trade experts. The current valuation stands above 60000 USD for Bitcoin, with daily trade volumes hovering well over $3.0 billion as of today.
Bitcoin Exchanges and White Label Crypto Solutions
Most people trade digital assets through cryptocurrency exchanges. High trade volumes and an underlying blockchain platform reduce market volatility and security to a significant extent. Investors can make huge gains within a short period of time with transaction costs much lower than forex or stock exchanges.
A rising interest in crypto trading has also transformed these exchanges into profitable ventures. Global blockchain development companies like HashCash Consultants offer customizable white label cryptocurrency exchange platforms for enterprises looking to capitalize on this global trend. The US-based company runs a crypto exchange platform, PayBito. Participants can make the most of crypto trading or avail an array of financial services operating on cryptocurrencies and blockchain.
The bitcoin acquisition by HFRRF marks the beginning of cryptocurrency investments by public pension funds in the US. Judging by past performances against the US dollar, there is a tremendous scope of growth through BTC trading. Bitcoin-based investments will leverage better yields for over 6600 firefighters of Houston who lay their lives saving others in the line of duty.