Bitcoin Falls Below $63,000 – Is BTC Put Up for Sale as Japan’s State Pension Fund Requests Information About It for New Investments?
Bitcoin is off to a phenomenal start to 2024, setting new all-time highs and exceeding the expectations of investors around the world.
But the price increase has slowed significantly and Bitcoin has fallen over 10% in the past week, falling below the $63,000 mark. What does this mean for the future of Bitcoin? Just look.
First of all, many analysts believe that Bitcoin is facing a slight turnaround. For example, Anthony Scaramucci, founder of SkyBridge Capital, said the last time Bitcoin hit an all-time high in 2021, “They had corrected Bitcoin 13 times by 10% or more… from $3,800 to $69,000.” This could be a slight decline , before Bitcoin hits new highs again.
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Additionally, Robert Kiyosaki, author of “Rich Dad Poor Dad,” said, “All market crashes are assets in progress, and ‘sell’ is my favorite four-letter word.” While this Bitcoin price drop isn’t necessarily a crash, One could look at it as Bitcoin simply “going for sale”.
Bitcoin has seen tremendous growth in 2024, largely due to the approval of spot exchange-traded funds (ETFs) and the upcoming Bitcoin halving. The ETFs have attracted tens of billions of dollars in inflows, and the Bitcoin halving is expected to reduce selling activity in the market.
Another issue is that Japan's Government Pension Investment Fund (GPIF) has requested information about Bitcoin to potentially include it in future investment portfolios.
With assets of almost $1.5 trillion (as of fall 2023), GPIF is the largest pension fund in the world. On March 19, calls were made to take a closer look at a handful of “illiquid assets” such as Bitcoin, farmland and gold. It will likely take some time to review the information before deciding whether to invest in these assets. The information filing is due April 19.
GPIF focuses on investing in domestic and foreign debt and equities, as well as real estate and private equity.
The story goes on
GPIF is not the first pension fund to examine the profitability of Bitcoin. The Houston Firefighters Relief and Retirement Fund (HFRRF) has invested directly in Bitcoin and South Korea's National Pension Service has a stake in Coinbase shares.
If GPIF invests in Bitcoin, it could represent a significant change in the institutional view of Bitcoin from an investment perspective. It will be interesting to see what GPIF finds in its preliminary research later this spring and whether this becomes an investment in digital currencies.
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This article: Bitcoin Has Fallen Below $63,000 – Will BTC Be Put Up For Sale As Japan's State Pension Fund Requests Information About It For New Investments? originally appeared on Benzinga.com
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