Fidelity executive: Pension plans are beginning to explore investment opportunities in the crypto space

Manuel Nordeste, vice president of Fidelity Digital Assets, said at an event in London recently that defined-benefit plans and other pension funds are "just starting to discuss" crypto assets with their investment committees. Nordeste said that small but sophisticated investors like family offices and high-net-worth individuals are more likely to buy cryptocurrencies. When Fidelity Digital Assets first started (in 2018), it saw "family offices, small professional asset managers and hedge funds, and then large blue-chip hedge funds," adding: "Now, we are starting to talk to larger, real institutional investors, and we are getting some of these clients, as well as enterprises, etc." According to the Urban Institute, a think tank, by 2023, the total retirement savings of American teachers and firefighters will be $4.7 trillion. Most of this (71%) is allocated to stocks and 21% is allocated to bonds. However, a survey of the broader market conducted by Fidelity Digital Assets showed that 80% of high-net-worth individuals were positive about digital assets, while only 23% of pension plans were positive. 48% of respondents invested in digital assets, while only 7% of pension plans invested in digital assets. (DL News)