According to Coin Telegraph, the value of Japan's government pension investment fund (GPIF) fell nearly 11% to 150.63 trillion yen, or $ 1.4 trillion. This was the largest quarterly decline for the Fund since 2008.
It was not just the Japanese GPIF Fund that showed poor performance, with major equity indices such as Dow Jones posting negative numbers. Interestingly, Bitcoin's performance was almost identical, as its price from January 1 to March 31 fell by nearly the same rate by nearly 11%.
Consequently, this is not a case in which Bitcoin supporters are able to defend the perceived claim that Bitcoin is a safe haven.
On the other hand, if the GPIF Fund had invested only 0.1% of its assets under management or $ 1.5 billion in Bitcoin, at the beginning of the first quarter, it would have been This has created intense buying pressure on the market. The possible outcome - a massive rise in Bitcoin and positive returns for the digital currency portion of the pension fund portfolio.
However, this scenario was highly unlikely. Pension funds are, of course, among the most conservative investors. Buying $ 1.5 billion bitcoin - about 20,000,000 bitcoins - was in a short period of time to be considered an almost impossible task.
