Pension funds in U.S., UK and Australia explore crypto after Bitcoin surge

Pension funds in the U.S., UK and Australia have begun investing in Bitcoin, signaling that even conservative finance sectors are recognizing the cryptocurrency's potential for significant returns, Financial Times reported. Pension systems in Wisconsin and Michigan have invested in crypto ETFs. UK and Australian schemes also joined, making small allocations to Bitcoin through funds or derivatives. Advisers attribute this growing interest from pension funds to last year’s Bitcoin rally, despite past losses from the FTX collapse and the Celsius Network bankruptcy. U.S. President-elect Donald Trump's promise to make the U.S. "the bitcoin superpower of the world" has also influenced the shift in sentiment. Steve Flegg, senior portfolio manager at AMP, emphasized that crypto has "become too big" and promising to ignore, despite still being considered risky and unproven.