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Stockholm, Dec 4 (IANS): Swedish public pension funds have invested a whole lot of thousands and thousands of kronor in a cryptocurrency firm that has misplaced 87 per cent of its share worth, Swedish each day Dagens Nyheter (DN) reported.
4 public pension funds, which handle the pension cash on behalf of the Swedish public, have invested greater than 200 million Swedish kronor ($19 million) in Coinbase, a cryptocurrency buying and selling firm, in response to the report revealed on Saturday.
Particulars of what number of shares have been purchased and offered weren’t revealed. However DN reported a dark image of their funding within the cryptocurrency economic system after the funds’ semi-annual stories have been reviewed, Xinhua information company reported.
The Swedish pension funds have invested in shares of Coinbase, whose share value has fallen as the worth of bitcoin plummeted. A bitcoin has misplaced round 70 per cent of its worth this 12 months.
Economist Claes Hemberg informed DN that the economic system round cryptocurrencies was very unsure and unpredictable.
“There isn’t any stability, no exercise that creates any worth. It’s pure hypothesis and guesswork. Up to now it has’t gone so effectively,” Hemberg mentioned.
Coinbase was listed on the Nasdaq final 12 months. (1 Swedish krona = 0.097 US greenback)
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