US. Police Pension Backs Morgan Creek’s plans to invest in cryptocurrency
Police officers and other state employees in Virginia’s Fairfax County will be looking forward to retirement with potential dividends from an unusual source: bitcoin.
Two separate pension funds that collectively manage $5.1 billion in assets for the state’s police force and other employees have joined a $40 million investment in the Morgan Creek Blockchain Opportunities Fund, which in addition to backing some of the best-known startups in the space, plans to invest in cryptocurrency.
Already, a portion of the $40 million has been invested in startups including Bakkt, the cryptocurrency exchange co-owned by Starbucks and the Intercontinental Exchange, which runs the New York Stock Exchange.
While the 2018 collapse in the price of bitcoin, the first application of blockchain technology, has scared away many would-be investors, the decision of two pension funds to back a slew of cryptocurrency and blockchain startups shows that others are looking to capitalize on the bear market.
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