12.5 trillion dollars, even a small portion flowing into encryption could be the driving force for a bull run.

This afternoon, Bloomberg just revealed that U.S. pension funds are officially going to include encryption and other alternative assets in their investment scope.

Specifically, Trump is calling for the Department of Labor, the Treasury Department, the SEC, and other agencies to work together to amend the 1974 Pension Act to include private equity, real estate, and encryption in the compliant investment options for corporate pensions 401(k). How large is the 401(k) system in the United States? The latest data is $12.5 trillion.

For a long time, U.S. pension allocations have been extremely conservative, with stocks and bonds being the standard configuration, while assets like encryption, private equity, and REITs have basically been kept outside. To put it simply, the management isn't unwilling to diversify risks, but mainly due to heavy compliance responsibilities, no one wants to take the blame. The most critical aspect of this executive order is that it has detailed the rights and responsibilities, boundaries, and participation processes. In the future, if pensions want to allocate encryption assets, the policy compliance hurdle has basically been cleared.

This level of deregulation directly brings the long-term incremental expectations of the industry to fruition. The US stock market has QE, encryption has ETFs, and the entry of pension funds is, in a sense, the "buyer" coming in.

Don't forget that many pension funds in the United States have quietly started to test the waters, such as Michigan, which previously disclosed direct purchases of ARK's BTC spot ETF and Grayscale's ETH trust, both in the tens of millions of dollars range, and they are still continuously increasing their holdings.

Today's news is definitely the most memorable policy turning point in the encryption industry.