In Brief:
- The Korea Teachers and Staff Mutual Aid Association has decided to pursue Bitcoin ETFs.
- The first time a domestic pension fund is investing in the crypto industry.
- About $40 billion in investments is already being managed by them.
The Korea Teachers and Staff Mutual Aid Association are planning to invest in bitcoin ETFs, according to local reports. When a domestic asset management firm launches a bitcoin-related ETF product and lists it overseas in the first half of next year, the investment will be made.
Following the conclusion that cryptocurrency is gradually becoming a mainstream investment asset, the largest Mutual Aid Association in South Korea decided to invest in bitcoin for the first time among domestic pension funds.
In particular, as bitcoin-related exchange-traded funds (ETFs) appeared one after the other, the price of bitcoin changed to a transparent and supervisable product, which is also analyzed as a factor that influenced the investment decision.
The Korean Mutual Aid Association, one of the major pension funds, is expected to have a significant impact not only on pension funds but also on the domestic financial sector.
An association official stated, “Pension funds with a strong public character had no choice but to react slowly to the cryptocurrency craze.”
Recently the crypto market has been turbulent in South Korea as several crypto exchanges had to shut down due to strict regulations. So this bold move by the association comes as a surprise and maybe will make the regulations more lenient in the future.
