Asset management giant Old Mutual Global Investors has announced its decision to start investing in bitcoin and other cryptocurrencies by way of its Gold and Silver Fund. Naylor-Leyland explained that the idea was to take gains made from the rising value of cryptocurrencies and reinvest them into gold and silver assets.
This move comes after the number of hedge funds investing in cryptocurrencies are at an all-time high with the numbers steadily rising as the value of cryptocurrencies has skyrocketed this year. As communities debate among themselves as to whether bitcoin is a better store of value than gold, Old Mutual’s suggests that perhaps bitcoin should be considered as digital gold rather than a currency outright.
Explaining the fund’s position further, Naylor-Leyland said: “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.
Despite recent announcements by prominent players about bitcoins shortcomings, Naylor-Leyland believes there are some merits to the cryptocurrency as a store of value. Old Mutual will be investing in cryptocurrencies through a Swedish-listed exchange-traded fund.
https://btcmanager.com/old-mutual-gold-silver-fund-invest-bitcoin/
