Editors Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: MICHAEL KAPILKOV, reprinted with authorization by Odaily.
Cointelegraph Chinese (ID: CointelegraphChina)
Cointelegraph Chinese (ID: CointelegraphChina)
The worlds largest pension fund lost $164.7 billion in the first quarter of 2020. This is equivalent to the entire market capitalization of Bitcoin (BTC).
Bitcoin is not faring much betterYahoo Finance
The value of Japans Government Pension Investment Fund (GPIF) fell nearly 11% to 150.63 trillion yen ($1.4 trillion). It was the funds biggest quarterly drop since 2008.
Dow Jones Bitcoin Source:
Yahoo Finance
GPIF wasnt the only underperformer, with major stock indexes including the Dow Jones in negative territory. Interestingly, Bitcoin performed almost the same way, with its price falling roughly 11% from January 1 to March 31.
Therefore, in this case, Bitcoin supporters cannot defend Bitcoins safe harbor status. On the other hand, if GPIF invests only 0.1% of its assets under management ($1.5 billion) in Bitcoin at the beginning of the first quarter, then this will put extreme buying pressure on the market. The likely outcome is a surge in bitcoin and positive returns on the cryptocurrency portion of pension fund portfolios.
