Baxia Markets
October 22, 2021

Bitcoin briefly tops $66000, setting records as it goes mainstream

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The Houston Firemen' Relief and Retirement Fund (HFRRF), a pension fund for Houston firefighters, revealed today that it had purchased bitcoin for its defined benefit plan's portfolio, making it the first public pension fund in the United States to do so. Bloomberg reported that HFRRF purchased BTC and another cryptocurrency for $25 million, facilitated by institutional bitcoin services company NYDIG, which will also provide custody services to the pension fund. NYDIG has established a private fund, which it will manage, to buy and custody HFRRF's assets.




On Wednesday, Bitcoin soared beyond $66,000 for the first time, riding a surge of optimism about the financial establishment's growing acceptance of the digital currency's rise. As of 2:30 p.m. Eastern time, bitcoin was trading at $66,631, up 5.2 percent from its previous high of $66,974.77. It has stormed back from a summer low of under $30,000 to break the previous high established in April. According to CoinDesk, the previous all-time high was roughly $64,889 dollars. Bitcoin has witnessed a modest retracement back to $64,000 at the time of writing, but many believe that the boom will continue following the profit-taking.


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