The number of institutional investors entering the cryptocurrency market continues to increase steadily. KiwiSafer Growth Strategy, a $ 350 million New Zealand pension fund, has reportedly invested some 5% of its assets in bitcoin (BTC).

One of the main reasons for the retirement plan to invest in bitcoin is that it looks like gold, James Grigor reports to Stuff, who first reported the news on March 26. Grigor, CIO of New Zealand Funds Management, the pension fund’s trustees, says:

“If you like to invest in gold, you can’t really ignore bitcoin.”

According to Stuff, the pension fund already invested in bitcoin last October, when the price was still around $ 10,000. Currently, bitcoin price is above USD 53,000, hitting another new all-time high (ATH) of USD 61,700 early this month.

This means that the company may have increased its investment fivefold in less than six months. However, it is unclear whether the fund may have already made a profit in the meantime by selling another portion.

Michael Sonnenshein, CEO of the major crypto asset manager Grayscale Investments, pointed out at the beginning of this year that more and more pension funds are entering the market. Last year, Morgan Creek Digital announced that the first US pension funds to invest in bitcoin.

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