The biggest pension fund in the world lost $164.7 billion in the first quarter of 2020. This is equivalent to the entire market capitalization for Bitcoin (BTC).


Bitcoin didn’t do any better


Japan's
Government Pension Investment Fund, or GPIF, decreased in value by
almost 11% to 150.63 trillion yen or $1.4 trillion. This was the fund’s steepest quarterly decline since 2008. 

Dow Jones & BTC


Dow Jones & BTC. Source: Yahoo Finance.

GPIF
was not alone in its poor performance, major stock indexes like Dow
Jones posted negative numbers. Interestingly, Bitcoin’s performance was
almost identical, where its price from January 1 to March 31 fell by
approximately the same 11%.

Thus, this is not a case where Bitcoin
supporters are able to champion Bitcoin’s perceived safe-haven status.
On the other hand, had GPIF invested just 0.1% of its assets under
management or $1.5 billion in Bitcoin, in the beginning of the first
quarter, this would have created extreme buy pressure on the market. 
The likely outcome — a massive Bitcoin bull run and positive returns for
the crypto portion of the pension fund’s portfolio. 


Small BTC exposure could be beneficial


Yet,
this would have been a highly unlikely scenario. Pension funds are
naturally some of the most conservative investors. Buying $1.5 billion
worth of Bitcoin — around 208,000 BTC — in a short time span would have
been an almost impossible task.

Grayscale’s GBTC fund is currently holding 386,659 BTC.

 source link : https://cointelegraph.com/news/worlds-largest-pension-fund-lost-the-equivalent-of-bitcoins-entire-market-cap-in-just-three-months