According to the Financial Times on August 30, Elwood, owned by billionaire Alan Howard, said it plans to invest in cryptocurrency hedge funds.
The company can not be called a beginner in the field of cryptocurrencies , since in March it opened exchange Bitcoin funds. Elwood is currently working on a platform that will develop cryptocurrency fund portfolios for institutional investors.
Commenting on the publication, CEO Bin Ren said that despite the industry’s prudence, growth opportunities could be significant.
“Losing traditional assets in the real world is difficult. In the digital world, it is very easy, just send them to the wrong address, nothing can be changed here , ”added the top manager.
However, company employees have already begun to study the appropriate hedge funds, as if under a microscope, with due diligence.
In 2019, this move highlights the resurgence of faith in cryptocurrency hedge funds, since after a hectic year with a bear market, many of them failed.
“ Bitcoin has come into our lives for a long time. In the long run, it will become part of many hedge fund portfolios , ”says Don Steinbrüggge, CEO of Agecroft Partners.
Probably, this trend is only part of a wider phenomenon among investors seeking to enter the cryptocurrency market, and mainly Bitcoin. This year, a number of new instruments will appear specifically for them, including trading futures on the Bakkt platform .
After many delays, the company will start accepting deposits from customers in BTC next Friday.
“These supplying bitcoin futures will allow them to be accompanied by regulated markets and storage,” the company said on social media.
However, institutional involvement has not yet affected the bitcoin market. As of August 31, BTC / USD was still below $ 10,000, dropping almost 10% this week.
Publication date 08/31/2019
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