Virginia has targeted part of its pension fund toward investments in the Bitcoin and cryptocurrency industry, as well as blockchain technology in general.
Jeff Weiler, Virginia’s Retirement Systems Director published a post in response to media reporting on the county’s decision to invest in Morgan Creek’s latest offering, the Blockchain Opportunities Fund.
The post was specific about the amounts invested. In total, the Virginia retirement system invested $21 million into the fund. $10 million is from the county employee’s retirement fund while $11 million is from the police officer’s fund.
The post actually wants to clear the air and put the minds of retirees at rest. The play was not strictly a buying of Bitcoin. Instead, Morgan Creek will use the fund to invest in blockchain companies like Coinbase and Bakkt, among others. The value of cryptocurrencies has less impact on exchanges. They earn commission whichever direction the market goes. Weiller wrote:
“All investments involve risk and this investment is no different. However, as they would do with any investment, Fairfax’s investment team determined that the expected returns from this investment were in line with the level of risk incurred. This also played a big part in how much was invested.”