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Author Topic: Major Australian investment firm moves from gold to bitcoin  (Read 178 times)
Charles-Tim
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November 25, 2020, 05:59:25 PM
Last edit: November 25, 2020, 11:26:54 PM by Charles-Tim
 #1

A billion-dollar Australian investment management firm has gotten into bitcoin, citing that the cryptocurrency is superior to gold. Many of the firm’s clients have been asking about investing in bitcoin. “We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin,” said an executive of the firm.

He also says “We have so many clients asking us about bitcoin and what to do and how to get access,” said Pendal Group’s head of bond, income, and defensive strategies, Vimal Gor. “Large institutions have stayed away so far, but high-net-worth clients and wholesale investors are leading the charge.” He elaborated: All the big hitters in the hedge fund world are coming out to endorse bitcoin now; it is entering the realm of the mainstream.

He also adressed how government bonds might be a dead asset class
He continued: We think ultimately that government bonds will turn into a dead asset class, so we now have to imagine what it will be like for other assets classes when bonds are no longer relevant to hold in a portfolio.

Probably people are moving from gold to bitcoin.

https://news.bitcoin.com/australian-investment-firm-gold-bitcoin/





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November 26, 2020, 11:08:54 AM
 #2

Listen to Michael Saylor CEO of MicroStrategy give his reasons as to why he chose Bitcoin as the company reserve asset.

He logically stepped through each asset class, Bitcoin was the only one which made sense to him.

More CEO's are going to realize this.

Apple has $250B dollars on their balance sheet, as if they're just going to let it's fade to monetary expanison.

Things are about to get crazy.

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November 26, 2020, 11:17:13 AM
 #3

Companies and huge firms are looking towards the way of bitcoin now because it has the most gains in a short period of time. Needless to say, if bitcoin is to be placed on where it was during 2018, nobody would have turned around and pick up something for themselves, and believed in the asset as something else. Square Inc. may have started this trend, had it not been for their purchase of hundreds of millions of dollars worth of bitcoin, we wouldn't be enjoying the benefits that we are seeing today. That publicity was compounded by PayPal finally pulling the trigger for a bitcoin integration that people thought weren't possible just a year ago.

Once companies caught up in the hype and started taking drastic measures to not be in a huge losing position for their bitcoin investments, we might see little to almost no volatility, as most of these entities would push for regulations to prevent bitcoin from fluctuating too much. Things will start to be more 'formal' and more 'official' in the cryptospace, and would also start to be more centralized as more and more people start accepting bitcoin.

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November 26, 2020, 11:42:35 AM
 #4

This is a great news for the small investment firm as well because the next step would be how to implement this for small Investment firm, BTC has entered the mainstream and grabbing attention from public.

Many thanks to the Australian government as they are very friendly to this digital payment system, well this will surely drive productivity in Australia and we can experience a rapid growth in BTC too.

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November 26, 2020, 01:28:30 PM
 #5

Bitcoin is really going mainstream.  The Australian company Pendal Group has correctly identified this trend.

1)Now is the era of digitalization and virtual reality.  

Bitcoin fits perfectly into this concept.  

2)Currently, there are many financial bubbles in the real estate, equity and credit sectors.  

Bitcoin is a deflationary asset.  The price of bitcoins may rise, but the number of coins may not.  

3) There is a need for a new (innovative) financial asset of the XXI century.  

Bitcoin was created in 2009 (at the beginning of the 21st century).  Cryptocurrencies are a new class of financial assets, and Bitcoin is the best of all cryptocurrencies.

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November 26, 2020, 01:34:49 PM
 #6

This is very inspiring to hold bitcoin for long term, if they as a company chooses bitcoin over gold, we know they are not making a decision without studying the advantage of bitcoin over gold and that's something we should know and understand.

With more news similar to this, I think soon enough the market will boom again, the pump has already shown this year, so it simply says it's not impossible to see a new ATH as big demands of bitcoin is happening.

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November 26, 2020, 01:46:10 PM
 #7

Listen to Michael Saylor CEO of MicroStrategy give his reasons as to why he chose Bitcoin as the company reserve asset.

He logically stepped through each asset class, Bitcoin was the only one which made sense to him.

More CEO's are going to realize this.

Apple has $250B dollars on their balance sheet, as if they're just going to let it's fade to monetary expanison.

Things are about to get crazy.

Thinking that huge amount can disappear overnight through deflation will scare the Apple gang and cause them to react accordingly. Imagine putting that huge cash in Bitcoin around March - May this year when it was below $4,000 it should have more than tripled that balance sheet by now. Times 4 on investment it would have returned. As for the Australian company embracing bitcoin now, it is a welcome development.

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November 26, 2020, 02:05:31 PM
 #8

I watched CNN's Fast Money today also where they were asking Michael Saylor from MicroStrategy about why his company was buying Bitcoin. And they just didn't seem to get it, not even when he was explaining in plain financial terms.

And he's not alone I guess judging from this news. Corps gonna go in big on Bitcoin.



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November 26, 2020, 02:12:33 PM
 #9

Institutions and individuals have been realizing the potentials in Bitcoin and there will be more entry point into Bitcoin soon. The coronavirus has opened the eyes of these institutions that the fiats system can't do what Bitcoin is doing hence their entry on daily basis, even the individuals has now resulted into buy of Bitcoin. Gold has done the needful for humanity, it strength fading becasue it life span has been reached as that of Bitcoin just began.

As at the moment, the only best investment around the world is Bitcoin or other good digital currencies. The world will soon understand that, Bitcoin has a fixed supply and can't cause hyper-inflation like FIATS does to our economy.

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November 26, 2020, 02:37:20 PM
 #10

At first I thought this was good news, that companies from other continents were also appearing and joining the trend of transferring part of their assets to BTC - but then I read this :

Australian investment management company Pendal Group has started investing in bitcoin through futures contracts on the Chicago Mercantile Exchange, AFR publication reported Monday.

Bitcoin futures allow investors to gain exposure to Bitcoin without having to hold the underlying cryptocurrency. Like a futures contract for a commodity or stock index, Bitcoin futures allow investors to speculate on the future price of Bitcoin. The Chicago Mercantile Exchange (CME) offers monthly contracts for cash settlement. This means an investor takes cash instead of physical delivery of Bitcoin upon settlement of the contract.

In other words, this company does not invest in Bitcoin - they bet on its price, which is quite a big difference.

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November 26, 2020, 02:39:42 PM
 #11

Great to hear that more institutions are interested in bitcoin. This is what we've been waiting for.

Dips like the one today are a great entry points because sharp declines are usually followed by bounce backs.

Of course this company doesn't look like it's there to trade and catch dips. They're in to save up and protect their money from inflation.
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November 26, 2020, 04:54:09 PM
 #12

Bitcoin can be said to be the top trend right now when technology corporations and investment funds turn to Bitcoin.
Gold may no longer be attractive to investors as the pandemic is tending to subside with economic activity resuming. Governments and funds are moving wealth from gold to stocks, real estate or bitcoin.
Investing in bitcoin is easier because companies incur less administrative costs than gold.

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November 26, 2020, 06:21:19 PM
 #13

I do not trust the news from news.bitcoin.com website, as they can publish things with the authors mentioning or put a better quote than the way he does it.
Investing in cryptocurrencies is not easy. When you see many companies entered the market, know that the current price is much less than the expected price and continue to accumulate accumulations.

it is the start and marketcap still above use
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November 27, 2020, 08:14:13 AM
 #14

This is a great news for the small investment firm as well because the next step would be how to implement this for small Investment firm, BTC has entered the mainstream and grabbing attention from public.

Many thanks to the Australian government as they are very friendly to this digital payment system, well this will surely drive productivity in Australia and we can experience a rapid growth in BTC too.

But I don't see the Australian public is crypto-friendly. I have many friends there and we talk at least twice a month but none of them has mentioned any kind of cryptocurrency till the date. Even when I asked once, they told that they haven't seen stores accepting such kind of digital payments yet. They are living in Melbourne, Sydney, and Victoria.
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November 27, 2020, 11:09:43 AM
 #15

This is a great news for the small investment firm as well because the next step would be how to implement this for small Investment firm, BTC has entered the mainstream and grabbing attention from public.

Many thanks to the Australian government as they are very friendly to this digital payment system, well this will surely drive productivity in Australia and we can experience a rapid growth in BTC too.

But I don't see the Australian public is crypto-friendly. I have many friends there and we talk at least twice a month but none of them has mentioned any kind of cryptocurrency till the date. Even when I asked once, they told that they haven't seen stores accepting such kind of digital payments yet. They are living in Melbourne, Sydney, and Victoria.

You sure about that? Because as far as I can remember, Australia has been a crypto friendly countries since 2017, they are the second country behind Japan to legalised bitcoin, Cryptocurrency Regulations in Australia.

Quote
Cryptocurrencies: Legal, treated as property
Cryptocurrency exchanges: Legal, must register with AUSTRAC

MicroStrategy already started the trend and we have seen a lot of small to large corporation betting big on bitcoin as it has become the best asset so far, exceeding gold and other precious metals and stocks.

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November 28, 2020, 11:11:37 AM
 #16

This is a great news for the small investment firm as well because the next step would be how to implement this for small Investment firm, BTC has entered the mainstream and grabbing attention from public.

Many thanks to the Australian government as they are very friendly to this digital payment system, well this will surely drive productivity in Australia and we can experience a rapid growth in BTC too.

But I don't see the Australian public is crypto-friendly. I have many friends there and we talk at least twice a month but none of them has mentioned any kind of cryptocurrency till the date. Even when I asked once, they told that they haven't seen stores accepting such kind of digital payments yet. They are living in Melbourne, Sydney, and Victoria.

You sure about that? Because as far as I can remember, Australia has been a crypto friendly countries since 2017, they are the second country behind Japan to legalised bitcoin, Cryptocurrency Regulations in Australia.

Quote
Cryptocurrencies: Legal, treated as property
Cryptocurrency exchanges: Legal, must register with AUSTRAC

MicroStrategy already started the trend and we have seen a lot of small to large corporation betting big on bitcoin as it has become the best asset so far, exceeding gold and other precious metals and stocks.

Quote
You sure about that? Because as far as I can remember, Australia has been a crypto friendly countries since 2017, they are the second country behind Japan to legalised bitcoin, Cryptocurrency Regulations in Australia.

Yeah. One media outlet discussed about crypto regulation in Australia doesn't mean that people have started adopting it. You gotta ask real people there. That's why I referred Australian public, not the Australian government. And I don't think it is even new. Even country where I live, people don't know shit about cryptocurrencies.

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November 28, 2020, 11:29:11 AM
 #17

I think the step to choose bitcoin is a mature decision. maybe the CEO of the company has thought about it correctly, because this may have great benefits and profits for the company. so they chose bitcoin to be one of their choices for the future

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November 28, 2020, 11:38:51 AM
 #18

There've been some companies that moved their funds from fiat to Bitcoin, but it was when Bitcoin cost around $10k, so it was a good decision. As for this investment firm moving from gold to BTC when BTC is nearly at its ATH, I think it's a stupid decision that would bring devastation both to the firm and to Bitcoin. Bitcoin already lost $2k per coin in terms of its price, and it could easily go down to $15k in the near future. And then the news will be on how terrible Bitcoin is, even though it's just the fault of the firm taking an extreme risk with buying at a very high price.
At first I thought this was good news, that companies from other continents were also appearing and joining the trend of transferring part of their assets to BTC - but then I read this :

Australian investment management company Pendal Group has started investing in bitcoin through futures contracts on the Chicago Mercantile Exchange, AFR publication reported Monday.

Bitcoin futures allow investors to gain exposure to Bitcoin without having to hold the underlying cryptocurrency. Like a futures contract for a commodity or stock index, Bitcoin futures allow investors to speculate on the future price of Bitcoin. The Chicago Mercantile Exchange (CME) offers monthly contracts for cash settlement. This means an investor takes cash instead of physical delivery of Bitcoin upon settlement of the contract.

In other words, this company does not invest in Bitcoin - they bet on its price, which is quite a big difference.
Oh, well at least in this case their games probably won't affect Bitcoin because futures have few things in common with the real market price and tendencies.

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November 28, 2020, 11:41:01 AM
 #19

When there is large volume flow of money automatically more investors get into the same. This year more number of institutional funds have got into the bitcoin network. This has made cryptomarket flourish in a much stronger way, growing with stability. During the pandemic the job layoffs have made people to go find opportunity to earn apart from daily job. This has landed more people get into cryptocurrency. Investors finding bitcoin to be better than gold is being experienced by common man years back itself. Now a service provider getting into the bitcoin investment support over gold is really a good move.

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November 28, 2020, 12:16:49 PM
 #20

This is good for the crypto community because there is a lot of investors are interested to the bitcoin. For sure more investors will come to the bitcoin because it's trending now because of it's value.

The investors have interest if the things are popular and trending so I believe the price will grow more if the investors will buy a bitcoin and hold it.

Gold is good investment too it is a longterm investment and it will gives you a lot of profit. But bitcoin will gives you more profit in a short period of time but it's risky.

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