Published On: Fri, Nov 24th, 2017

$220 Million Hedge Fund to Join the Bitcoin Craze

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As Bitcoin prices continues to reach new highs, major investors are thinking about getting some skin in the cryptocurrency game.
From Gold to Bitcoin

Many finance and tech experts have recently called Bitcoin a “bubble” and “tulip mania 2.0” but Bitcoin has managed to thrive despite these heavy accusations, and this week it hit a new all-time high price.
Many investors and hedge funds are now planning to invest in Bitcoin, ICOs, and other cryptocurrencies. One of these funds is Old Mutual Gold & Silver, which oversees $220 million of precious metal equities. According to a recent Bloomberg article, the fund has started to invest in the digital currency since April 2017. The fund has been steadily investing at least 5% in Bitcoin and then uses the profits to invest in precious metals like gold and silver.
Ned Naylor-Leyland, Manager of Old Mutual Gold & Silver, stated following in the report:
Bitcoin was explicitly designed to be digital gold. So if you’re going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that’s exactly the point. It’s about bringing the ownership of disciplined …

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