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NZ Fund Supervisor had Spent in BTC when it was trading at $10k

The chief investment officer of a New Zealand-based fund manager has shown that he had purchased Bitcoin in October a year ago

James Grigor, chief investment officer at KiwiSaver Growth Strategy, got in on the Bitcoin (BTC) bandwagon way back in October 2020 when it had been changing hands at $10,000 (NZ$14,360) each BTC. He jumped to finish a $17.5 million Bitcoin purchase on behalf of the finance manager. The sum represented 5% of their fund manager’s sources.

Grigor clarified that many traders were compared to the idea and did not believe that it was the right move. Financial institutions are gradually warming up to this Bitcoin thought, but there’s still a lot to be done to convince the mass investor audience.

Managers from some of those other KiwiSaver approaches in the area are yet to leap onto the Bitcoin bandwagon, citing that the electronic asset’s volatility. They also assert the flagship cryptocurrency is limited in terms of use cases.

In his opinion, however, Bitcoin has evolved to become a commodity and superb investment advantage due to its inherent characteristics. Grigor contended that the crypto asset is much like Gold and may serve as a great hedge against inflation.

The investment officer set forth that one shouldn’t have a problem investing in Bitcoin, particularly if they consider investing in Gold acceptable. Bitcoin’s price has steadily improved since Grigor made the buy. The crypto advantage is, instead of writing, trading at $56,354. 98, up 0. 38percent in the last 24 hours. At this price figure, the firm has gained more than five times the sum it had originally spent. Grigor claimed that the crypto asset provided investors a contemporary investment option.

“Our KiwiSaver is majorly built up through traditional assets classes […], and they will always be the asset classes that compound over time to give people the best retirement they can get. But, there’s going to be times when it’s not always going to be plain sailing. You may still have a positive view of those asset classes, but other opportunities present themselves“, the chief investment officer explained.

Looking during its trajectory and previous cycles, Bitcoin is apparently headed much higher. Many parties in the crypto-verse have recently predicted that its cost will surge into unprecedented levels this year. Some such as JP Morgan have suggested cost amounts, but others foresee it getting a reserve asset. The US-based investment bank had earlier on predicted that Bitcoin could hit $146k at some point.

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