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Virginia Police Department Reveals Why its Pension Fund is Betting on Bitcoin

fairfax virginia police pension bitcoin crypto
fairfax virginia police pension bitcoin crypto

Fairfax County, Virginia has targeted part of its pension fund toward investments in the Bitcoin and cryptocurrency industry, as well as blockchain technology in general. Now, they’re explaining why.

Fairfax County Retirement Systems Director Jeff Weiler published a post in response to CCN and other media’s reporting on the county’s decision to invest in Morgan Creek’s latest offering, the Blockchain Opportunities Fund. Oversubscribed from its intended $25 million, the fund invests in blockchain companies. It captured $40 million from two Fairfax County pension plans and other institutions.

Less Than 1% Of Two Retirement Funds Allocated to Crypto Ventures

fairfax virginia police pension crypto bitcoin
fairfax virginia police pension crypto bitcoin

Source: Fairfax County Police/Facebook

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First things first, the post gives specifics about the amounts invested. In total, the Virginia retirement system dumped $21 million into the fund. $10 million is from the county employee’s retirement fund while $11 million is from the police officer’s fund. They represent 0.3% and 0.8% of the funds’ total assets, respectively.

Read the full story on CCN.com.