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Economy
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Of the 186 claims in Economy with evidence either way, 91% held up.
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Direct exposure remains limited but is growing
Others have indirect “picks-and-shovels” exposure through either public or private equity investments in cryptocurrency infrastructure custody providers chip manufacturers or blockchain technology
The most common approach has been to hold publicly traded equities whose value is closely tied to cryptocurrency markets most notably Bitcoin treasury companies like MicroStrategy cryptocurrency exchanges such as Coinbase and cryptocurrency mining firms
A small number of pensions have gained Bitcoin exposure through regulated spot exchange-traded funds ETFs which provide price exposure without the operational complexity of self-custody
Because these securities are included in major equity indexes many pensions already hold them through existing public equity allocations that track indexes
Entering a new and volatile asset class requires heightened scrutiny and a clear understanding of downside risks.
Public pension systems should not be exposed to speculative or uncontrolled risk
Their investment losses are ultimately socialized borne by taxpayers not beneficiaries.
Institutions such as BlackRock Fidelity and Bank of America have suggested that a small allocation of 2%–10% in cryptocurrencies can be part of a diversified portfolio.
Cryptocurrency markets have matured in recent months.
Some institutional investors now hold Bitcoin in their portfolios.
Before considering digital assets fiduciaries should assess whether lower-risk more liquid options can better satisfy their fiduciary duty.
Public pension systems are distinct.
Stablecoins are blockchain-based tokens designed to maintain a stable value by being pegged to a fiat currency.
Stablecoins are generally backed by cash or cash-equivalent reserves.
The largest stablecoins are Tether USD Coin and Dai.
Bitcoin operates on a decentralized public blockchain.
Bitcoin allows peer-to-peer transactions without reliance on banks or other intermediaries.
Other cryptocurrencies and tokens encompass a wide range of blockchain assets serving different functions.
Digital assets is used as an umbrella term for blockchain-based technologies that enable secure transferable digital ownership.
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