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Wisconsin Becomes the First State to Buy Bitcoin

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Nayib Bukele,Sam Bankman,Eric Balchunas

The state hopes it's going to the moon with $161 Million ETF purchases. Bitcoin is down about 2% on the day, currently trading at $61,774.

Wisconsin has officially become the first state to buy bitcoin, according to a new filing with the U.S. Securities and Exchange Commission. And while $98 million isn’t considered a lot of money for a state pension fund, it’s still a notable move given how notoriously volatile cryptocurrency investing can be.

“Normally you don’t get these big fish institutions in the 13Fs for a year or so but as we’ve seen these are no ordinary launches,” Eric Balchunas, an ETF analyst at Bloomberg tweeted. “Good sign, expect more, as institutions tend to move in herds.” The most famous large institutional investment in bitcoin started in El Salvador in 2021 when President Nayib Bukele purchased the crypto for his country and declared the cryptocurrency to be legal tender.

 

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