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Crypto plunge is cautionary tale for public pension funds

Posted 7/15/22
When the Houston Firefighters Relief and Retirement Fund bought $25 million in cryptocurrencies, with the fund's chief investment officer touting their potential, retired fire Captain Russell Harris was concerned.

Harris, 62, has attended the funerals of 34 firefighters killed in the line of duty. He was already worried about his pension after an overhaul by state and city officials cut payments as they grappled with the ability to pay out benefits. He didn't see crypto, unproven in his eyes, as an answer.

"I don't like it," Harris said. "There's too many pyramid schemes that everybody gets wrapped up in. That's the way I see this cryptocurrency at this time. ... There might be a place for it, but it's still new and nobody understands it."

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