- The Digital Asset Daily
- Posts
- The Mainstream Media Just Missed the Biggest Bitcoin Story of the Year
The Mainstream Media Just Missed the Biggest Bitcoin Story of the Year
A Tsunami of Capital Is Coming to Bitcoin
Teeka Tiwari
May 19, 2024
The Mainstream Media Just Missed the Biggest Bitcoin Story of the Year
For years, I’ve been predicting this day would come…
In 2018, I wrote that people would rely on bitcoin to help fund their retirement. Of course, they thought I was nuts.
Bitcoin is too volatile, they scolded me. No retirement manager in their right mind would touch bitcoin with a 10-foot pole, they said. They’d be fired immediately.
But I warned that public and private pension funds across the country were in dire straits. They’re grossly underfunded. Today, they have a combined $1.44 trillion in unfunded liabilities. That’s despite stocks being in a bull market.
Here’s what I wrote to my audience in August 2018:
To improve their performance, pension fund managers have started to embrace alternative asset classes at the highest pace I’ve ever seen in my career.
We’re seeing enormous amounts of money going into alternative asset classes. That’s because historically, alternative asset classes have had higher overall rates of return than the stock and bond markets.
So, what I believe is going to take place is… once institutions can actually participate in the crypto market, they’ll take a percentage of their assets and allocate it to cryptocurrencies.
Pension funds are just one example.”
Due to onerous regulatory hurdles, it’s taken six long years for this day to come. But it’s finally here…
On Tuesday, the State of Wisconsin Investment Board (SWIB) became the first state pension fund to publicly announce it has an allocation to bitcoin.
SWIB manages about $155.1 billion in assets. And it ranks among the 10 largest public pension funds in the United States.
This week, the fund filed its quarterly report with the Securities and Exchange Commission (SEC).
And the report showed the fund held $99 million in BlackRock’s iShares Bitcoin Trust (IBIT) as of March 31. It also held $63 million in the Grayscale Bitcoin Trust (GBTC), which is BlackRock’s largest competitor in terms of size.
In total, SWIB purchased roughly $160 million worth of BTC. That’s about a 0.1% portfolio allocation to bitcoin.
Friends, I can’t tell you how incredibly bullish this news is for bitcoin in particular and the crypto market in general.
It could be the single-biggest story in crypto this year. And the mainstream press is completely missing it…
What the Press Is Ignoring