While federal regulators are busy looking for “evil doers” and criminals in the cryptocurrency world, some local police forces are actually investing in bitcoin. Fairfax County, Virginia state employees and police officers, via their retirement pension plans, will be following bitcoin’s price now just as they might glance at the stock market. At least somewhat. The Morgan Creek Blockchain Opportunities Fund secured a $40M investment from a couple of large Virginia pension funds to invest in blockchain ventures ……and cryptocurrencies. Already some of those police officers own a part of Bakkt, the cryptocurrency exchange started by the NYSE and co-owned by Starbucks. Cops, coffee, donuts and bitcoin. Nice. Dig deeper below.
Bill Taylor/ Fintek Capital
“Police officers and other state employees in Virginia’s Fairfax County will be looking forward to retirement with potential dividends from an unusual source: bitcoin.
Two separate pension funds that collectively manage $5.1 billion in assets for the state’s police force and other employees have joined a $40 million investment in the Morgan Creek Blockchain Opportunities Fund, which in addition to backing some of the best-known startups in the space, plans to invest in cryptocurrency.
Already, a portion of the $40 million has been invested in startups including Bakkt, the cryptocurrency exchange co-owned by Starbucks and the Intercontinental Exchange, which runs the New York Stock Exchange.
While the 2018 collapse in the price of bitcoin, the first application of blockchain technology, has scared away many would-be investors, the decision of two pension funds to back a slew of cryptocurrency and blockchain startups shows that others are looking to capitalize on the bear market…”