STOCKHOLM, Dec. 3 (Xinhua) — Swedish public pension funds have invested hundreds of millions of kroner in a cryptocurrency company that has lost 87 percent of its share value, Dagens Nyheter (DN) reported on Saturday.
Four public pension funds, which manage the pension money on behalf of the Swedish public, have invested over 200 million Swedish kronor (19 million US dollars) in Coinbase, a cryptocurrency trading company, according to the report.
Details of how many shares have been bought and sold were not disclosed. But DN reported a gloomy picture of their investment in the cryptocurrency economy after the funds’ half-yearly reports were reviewed.
The Swedish pension funds have invested in shares in Coinbase, whose share price has fallen as the value of bitcoin has plummeted. A bitcoin has lost around 70 percent of its value this year.
Economist Claes Hemberg told DN that the economy around cryptocurrencies was very uncertain and unpredictable.
“There is no stability, no activity that creates any value. It’s pure speculation and guesswork. So far, it hasn’t gone very well,” Hemberg said.
Coinbase was listed on Nasdaq last year. (1 Swedish krona = 0.097 US dollars)
Source: sn.dk