Grayscale CEO Says Retirement Funds Are Looking to Invest in Bitcoin
Grayscale CEO Michael Sonnenshein says that many pension fund companies are looking to add crypto to their client’s portfolios.
Michael Sonnenshein says that he is still interested in bringing crypto into people’s pension portfolios. This view has not changed despite the recent market volatility. He revealed that many pension funds are exploring the possibility of crypto investments while keeping an eye on the regulatory landscape. Quoting Sonnenshein said:
“We are spending time with politicians, and some of the largest pensions and endowments focused on diversifying their portfolios and actively exploring crypto allocations. It’s a different kind of consensus.”
The statement is coming when some 401(k) managers have announced their willingness to offer crypto investment options.
Last month, Fidelity Investments, the biggest pension plans provider in the US, said those participating in its 401(k) plan can now put 20% of their retirement funds in Bitcoin.
The San Francisco-based 401(k) administrator is also planning to allow workers to invest 5% of their retirement funds into crypto. In addition, the firm will enable these users to use several cryptocurrencies through a self-brokerage window.
Senator Elizabeth Warren, a prominent crypto critic, also opposes the plan. She calls cryptocurrencies the “new shadow bank” run by a group of “anonymous” developers.
Finance Secretary Janet Yellen said cryptocurrencies are too volatile to put in a pension fund. But the top pension funds have invested in risky instruments like commodities and private equity.
In 1970s Britain, The Times reported that railway pension funds were pouring cash into the arts sector to protect against inflation.
Returning to the views of Minister Janet Yellen, the CEO of Grayscale disagrees with her. He called her “short-sighted” and added that investors know the long-term benefits of cryptocurrencies.
Grayscale is awaiting SEC comment on converting the Grayscale Bitcoin Trust into a spot Bitcoin ETF. The SEC is expected to make a decision on July 6. Meanwhile, the company has bolstered its legal team with a former attorney general, Donald Verrilli. They are then said to be preparing for a potential court battle with the securities regulator.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Grayscale CEO Says Retirement Funds Are Looking to Invest in Bitcoin
Grayscale CEO Michael Sonnenshein says that many pension fund companies are looking to add crypto to their client’s portfolios.
Michael Sonnenshein says that he is still interested in bringing crypto into people’s pension portfolios. This view has not changed despite the recent market volatility. He revealed that many pension funds are exploring the possibility of crypto investments while keeping an eye on the regulatory landscape. Quoting Sonnenshein said:
“We are spending time with politicians, and some of the largest pensions and endowments focused on diversifying their portfolios and actively exploring crypto allocations. It’s a different kind of consensus.”
The statement is coming when some 401(k) managers have announced their willingness to offer crypto investment options.
Last month, Fidelity Investments, the biggest pension plans provider in the US, said those participating in its 401(k) plan can now put 20% of their retirement funds in Bitcoin.
The San Francisco-based 401(k) administrator is also planning to allow workers to invest 5% of their retirement funds into crypto. In addition, the firm will enable these users to use several cryptocurrencies through a self-brokerage window.
Senator Elizabeth Warren, a prominent crypto critic, also opposes the plan. She calls cryptocurrencies the “new shadow bank” run by a group of “anonymous” developers.
Finance Secretary Janet Yellen said cryptocurrencies are too volatile to put in a pension fund. But the top pension funds have invested in risky instruments like commodities and private equity.
In 1970s Britain, The Times reported that railway pension funds were pouring cash into the arts sector to protect against inflation.
Returning to the views of Minister Janet Yellen, the CEO of Grayscale disagrees with her. He called her “short-sighted” and added that investors know the long-term benefits of cryptocurrencies.
Grayscale is awaiting SEC comment on converting the Grayscale Bitcoin Trust into a spot Bitcoin ETF. The SEC is expected to make a decision on July 6. Meanwhile, the company has bolstered its legal team with a former attorney general, Donald Verrilli. They are then said to be preparing for a potential court battle with the securities regulator.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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