Summary
TLDR: The Arizona state Senate has advanced a resolution to look into allocating a portion of state retirement funds to bitcoin ETFs. If passed, the resolution would ask retirement systems to create a report on the feasibility and risks of investing in digital assets. Other states have also considered adding crypto exposure to pension funds, with some already making investments. The US Department of Labor has warned about the risks of adding cryptocurrency options to retirement plans.
Key Points
1. The Arizona state Senate has advanced a resolution to explore allocating a portion of portfolios to bitcoin ETFs.
2. The resolution encourages the Arizona State Retirement System and Public Safety Personnel Retirement System to monitor bitcoin ETFs and consider adding exposure.
3. A survey found that 94% of state and government pension plan sponsors have invested in crypto, but the US Department of Labor warns fiduciaries to be cautious before adding cryptocurrency options to retirement plans.