A UK pension fund has put Bitcoin on its balance sheet—in the first move of its kind in the country.

Pensions advisory firm Cartwright announced Monday that it had told an unnamed client in the UK to make a 3% allocation to the leading cryptocurrency. 

The firm said that it made the recommendation because of Bitcoin’s long-term gains. The cryptocurrency has risen in price by nearly 100,000% since 2013, CoinGecko data shows. 

“Trustees of the unnamed scheme choose to make a 3% Bitcoin allocation, reflecting the scheme’s relatively long investment time horizon,” the announcement said. 

Cartwright’s director of investment consulting at Cartwright, Sam Roberts, said that he hoped the “strategic move” would be followed by others. 

“We are proud to have led this groundbreaking move,” he said, “which we hope will be the start of a trend for institutional investors in the UK to catch up with their increasing number of peers and competitors around the world who are already taking advantage of Bitcoin’s unique attributes.”

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Author: Mathew Di Salvo