Foreign media: A New Zealand investment fund invested $17.5 million in Bitcoin last year, and the current return rate is nearly 600%

According to a report by New Zealand media 1OLAY on March 28, a New Zealand fund manager invested $17.5 million in Bitcoin in October 2020, when the price of Bitcoin was about $10,000, according to people familiar with the matter. James Grigor, chief investment officer of KiwiSaver Growth Strategy, said the company recently invested 5% of its funds in Bitcoin.

According to reports, KiwiSaver is a pension plan launched by New Zealand Wealth Funds Management, which mainly trades traditional assets, bonds and stocks and manages assets worth $350 million. In October last year, the fund modified its documents so that it could invest in Bitcoin at a price of $10,000. If calculated based on the recent highest price of Bitcoin, the investment return is close to 600%.

However, even so, there are differences in attitudes towards Bitcoin within the fund. Some fund managers believe that Bitcoin is not very useful and is "very unstable at this stage."

But Gregor believes that Bitcoin presents new opportunities for investors, and he believes that whether the price of cryptocurrencies rises or falls, the fund will move to the next potential asset class. This information prompted the fund to invest in Bitcoin in October, when the Bitcoin bull run was just beginning to emerge.