Bitcoin ETF

Bitcoin

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In a recent&nbsp;<a href="https://twitter.com/saylor/status/1790450564213489956" rel="noopener noreferrer nofollow">post</a> on the X social media network, MicroStrategy co-founder Michael Saylor has predicted that US pension funds, which collectively manage more than $27 trillion in assets, will need "some Bitcoin."
His prediction is now far-fetched. In a Tuesday filing, the State of Wisconsin Investment Board (SWIB), the agency that manages the state's public pensions, disclosed that it had acquired $99 million worth of shares of BlackRock's Bitcoin ETF (IBIT). This could be a watershed moment for institutional adoption, according to Eric Balchunas, Bloomberg's senior ETF analyst. Balchunas has&nbsp;<a href="https://twitter.com/EricBalchunas/status/1790391049560498410" rel="noopener noreferrer nofollow">predicted</a> that other pension funds could jump on the ETF bandwagon as well, following SWIB's lead.&nbsp;&nbsp;
SWIB's Bitcoin investment is very notable considering how risk-averse pension funds are. Hence, it is safe to assume that institutional investors are becoming increasingly comfortable with owning Bitcoin following the introduction of a slew of ETFs earlier this year.&nbsp;
Earlier this month, BlackRock's Robert Mitchnick revealed that some major institutional investors, including pension funds, were in the process of performing due diligence before dipping their toes into Bitcoin.&nbsp;
Multiple major firms have disclosed their Bitcoin ETF holdings ahead of the deadline for quarterly 13F regulatory filings which is set for May 15. As&nbsp;<a href="https://u.today/jpmorgan-discloses-bitcoin-etf-holdings" rel="noopener noreferrer nofollow">reported by U.Today</a>, JPMorgan, Edmond de Rothschild (Suisse), Wells Fargo, and Susquehanna International Group (SIG) are among the big names that now have exposure to these newfangled products.&nbsp;
Saylor previously predicted that 2024 would kick off the era of the institutional adoption of Bitcoin.&nbsp;

Michael Saylor Predicts Pension Funds Will Need Some Bitcoin

U_Today

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