The world’s largest pension fund lost $ 164.7 billion in the first quarter of 2020. This is equivalent to the entire Bitcoin (BTC) market capital. Japan’s state pension investment fund, or GPIF, has reduced roughly 11% to $ 150.63 trillion or $ 1.4 trillion. This was the fund’s sharpest monthly decline since 2008. GPIF was not alone in its poor performance, with large equity indices such as Dow Jones having posted negative numbers. Interestingly, Bitcoin’s performance was almost identical, with its price from January 1 to March 31 falling by about 11%. Therefore, this is not the case where Bitcoin supporters are able to adhere to the status of Bitcoin perceived as a safe haven. In contrast, if GPIF invested only 0.1% of its managed assets or $ 1.5 billion in Bitcoin at the beginning of the first quarter, this would create extreme buying pressure in the market. The likely result – a huge bitcoin bull run and positive returns for the crypto portion of the pension fund portfolio. A little BTC exposure may be helpful However, this could have been a very unlikely scenario. Pension funds are naturally some of the most conservative investors. Buying Bitcoin worth $ 1.5 billion – around BTC 208,000 – in a short period of time could have been an almost impossible task. Grayscale GBTC Fund now owns 386,659 BTC.