Crypto plunge is cautionary tale for public pension funds

The Houston Firefighters Relief and Retirement Fund bought $25 million in cryptocurrencies. The plunge in prices for Bitcoin and other cryptocurrencies in recent weeks provides a cautionary tale for pension funds. Many public pension funds across the U.S. are underfunded, sometimes seriously so, which leads them to take risks to try to catch up. 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. The recent plunge in crypto prices 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? It's not clear how that panned out Source