Two public pensions from Fairfax County, Virginia’s Police Officer’s Retirement System and Employees’ Retirement System, have invested in Morgan Creek’s new $40 million crypto fund.
Anthony Pompliano, a Morgan Creek general partner, said that it is the first case in which public pensions have invested in the cryptocurrency market.
The Morgan Creek deal has shown that institutional investors are opening up to the cryptocurrency sector and are beginning to become more comfortable with the asset class.
In mid-2018, Mike Novogratz, a billionaire investor and a former Goldman Sachs partner, said that once several institutional investors are committed to the cryptocurrency sector, more institutions will FOMO (fear of missing out) into the market.
In the long run, the newly established cryptocurrency fund of Morgan Creek could set the foundation that may support the next wave of institutional investors in the cryptocurrency market.
The deal comes 14 months in the worst bear market in the 10-year history of the cryptocurrency market, which has proved that institutions are not focused on the price of digital assets but rather on the state of infrastructure that can handle an inflow of large capital into the market.
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