Houston firefighters pension fund bets on Bitcoin and Ethereum

The Houston Firefighters’ Retirement and Relief Fund (HFRRF), based in Texas (USA), added Bitcoin and Ethereum to the portfolio of its defined-benefits program. The partner was NYDIG.

As the first national pension plan to invest directly in #Bitcoin, our partnership with @HFRRF1 marks a watershed moment for digital assets. We are proud to support their mission, now with a first-of-its-kind investment opportunity: https://t.co/JIqjc3UtNH pic.twitter.com/SKNHbN7rHM

— NYDIG (@NYDIG_BTC) October 21, 2021

Investments reflect our belief in the potential of blockchain to democratise wealth accumulation by removing intermediaries, said Ajit Singh, chief investment officer of HFRRF.

The fund, established in 1937, counts more than 6,600 active and retired members, as well as surviving firefighters.

Since 1 July 2004, active firefighters contribute 9% of their salary to HFRRF. Municipal authorities additionally contribute at least twice that amount. The fund’s target return is 8.5% per year.

Earlier, the fifth-largest pension fund in Australia allowed investments in Bitcoin. In March, NZ Funds Management’s growth fund for the voluntary pension savings programme in New Zealand invested 5% of the $350 million under its management in Bitcoin.

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