Violet Vallaya
The Government Pension Investment Fund (GPIF), the world’s largest pension fund, has announced it is seeking information on Bitcoin for portfolio expansion.
The GPIF stated it seeks “basic knowledge about the assets targeted for information provision” and wants to understand “how overseas pension funds incorporate them into their portfolios.”
The GPIF, which manages over $1.5 trillion in assets is the world’s largest pension fund. It is responsible for investing the retirement savings of over 67 million Japanese citizens.
The move is a significant development for Bitcoin, as it signals that the world’s largest pension fund is taking the asset seriously. The GPIF’s interest in Bitcoin comes as the cryptocurrency has gained increasing institutional acceptance in recent months.
In January, The U.S. Securities and Exchange Commission approved the listing and trading of several spot Bitcoin exchange-traded product (ETP) shares.
Notably, in 2014, Ecuador, a country in South America, banned Bitcoin and other cryptocurrencies in an attempt to create a state-backed digital currency known as “Sistema de Dinero Electrónico” (Electronic Money System), which was pegged to the US dollar. However, this initiative didn’t gain the desired traction.
After the state-backed digital currency experiment, Ecuador slowly warmed up to Bitcoin. Businesses started accepting Bitcoin payments, and a growing number of ATMs facilitated its exchange.
The GPIF’s exploration of Bitcoin is another sign that the cryptocurrency is gaining mainstream acceptance. However, the organization emphasized its announcement does not guarantee future investment.
The exploration comes as Japan passed new laws enabling investment funds to hold Bitcoin directly. It indicates a broader move towards legitimizing Bitcoin within the world’s third-largest economy.
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