Michigan Retirement System Invests in Bitcoin ETF, Adds to Fund Options
CryptoNewsTerminal Staff26 Jul, 2024
Michigan Retirement System Invests in Bitcoin ETF, Adds to Fund Options
Michigan's retirement system has taken a progressive step by adding a Bitcoin exchange-traded fund (ETF) to its investment options. This move, as reported by WatcherGuru X, demonstrates the growing acceptance of cryptocurrency within mainstream financial institutions. Michigan has allocated approximately $6.6 million to the Bitcoin ETF, reflecting its confidence in the digital asset's long-term potential. The state joins New Jersey's Jersey City, which recently announced plans to invest a portion of its pension funds in a Bitcoin ETF. The addition of a Bitcoin ETF to Michigan's retirement system is a significant development in the realm of cryptocurrency adoption. It signals a growing recognition of Bitcoin's role as a viable investment asset and reinforces the ongoing trend of institutional acceptance.
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