Harris, 62, has attended the funerals of 34 firefighters killed in the line of duty. He was already worried about his pension after an overhaul by state and city officials cut payments as they grappled with the ability to pay out benefits. He didn’t see crypto, unproven in his eyes, as an answer.
“I don’t like it,” Harris said. “There’s too many pyramid schemes that everybody gets wrapped up in. That’s the way I see this cryptocurrency at this time. ... There might be a place for it, but it’s still new and nobody understands it.”
The plunge in prices for Bitcoin and other cryptocurrencies in recent weeks provides a cautionary tale for the handful of public pension funds that have dipped their toes in the crypto pool over the past few years. Most have done it indirectly through stocks or investment funds that serve as proxies for the larger crypto market. A lack of transparency makes it difficult to tell whether they’ve made or lost money, let alone how much, and for the most part fund officials won’t say.
But the recent crypto meltdown has prompted a larger question: For pension funds that ensure teachers, firefighters, police and other public workers receive guaranteed benefits in retirement after public service, is any amount of crypto investment too risky?
Many public pension funds across the U.S. are underfunded, sometimes seriously so, which leads them to take risks to try to catch up. That doesn’t always work out, and the risk extends not just to the funds but to taxpayers who might have to bail them out, either through higher taxes or diverting spending away from other needs.
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