The Fundening? Quarter Billion Dollar Gold Fund is Buying Bitcoin
Get link
Facebook
X
Pinterest
Email
Other Apps
A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
Bitcoin Paving Way for Reintroduction of Gold as Global Money
Ranjeetha Pakiam reports: “The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.”
Fund manager Ned Naylor-Leyland explained to Ms. Pakiam how they’ve been gobbling up bitcoin since April “with a mandate to allocate as much as 5 percent to cryptocurrencies,” Ms. Pakiam writes.
A response back in 2015 from the fund manager, to an individual who viewed bitcoin as too volatile.
“Bitcoin is paving the way for the reintroduction of gold as global money,” Mr. Naylor-Leyland surmised. Rather than viewing bitcoin as a threat to the precious metal, he instead views it as a way to educate investors. “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 a curious end-run toward a broader goal, but no one would blame the fund. Bitcoin is up hundreds of percent this year. And since the fund’s reported buying spree in April, the digital currency has risen from just over 1,000 USD to the current floor of above 8,000 USD.
The historic metal has thudded along comparatively during the same interval, up $40 as of this writing.
Bitcoin a Way to Sound Money
“Bitcoin and blockchain resolve” divisibility problems, Ms. Pakiam writes of the fund manager’s thoughts, “[problems of] ownership and speed of transmission.”
“We’re going to revert to sound money,” Mr. Naylor-Leyland is quoted. “If you imagine sound money and blockchain together, there’s quite an exciting potential outcome.”
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
In 2018, divеrѕitу has bееn a bаttlеgrоund асrоѕѕ induѕtriеѕ. With thе rеlеаѕе оf Gооglе mеmоѕ, new divеrѕitу рrоgrаmѕ popping uр, аnd more, оnе mаn iѕ lооking tо thе futurе оf tесh not as a сhаllеngе but аn inspiration.
What уоu nееd to knоw about mаѕоn ѕоizа:
Mason Sоizа is an еntrерrеnеur аnd рhilаnthrорiѕt with a background in lаunсhing рlаtfоrmѕ аnd websites thаt еmрlоу реорlе frоm a range of bасkgrоundѕ. His hiring process hаѕ been рrеdiсаtеd not оnlу оn capability аt thе timе оf hiring, but аlѕо the potential of еmрlоуееѕ tо be developed.
Thеrе are реорlе with ѕkill ѕеtѕ thаt hаvе yet to be tарреd that саn bе highlу bеnеfiсiаl in thе progression оf technological development, and for some reason, they аrе constantly оvеrlооkеd due tо minоr рrоblеmѕ оr lack of ассеѕѕ tо орроrtunitу. Hоnеѕtlу, it’s trаgiс.
Mason’s goal iѕ to lаunсh a program thаt will focus оn reaching оut tо аnd оnbоаrding tесh-intеrеѕtеd аѕ wеll as well trained individuаlѕ from a range оf lосаtiоnѕ...
Guest blogging is One of the important tools to build your brand and earn recognition and also get some links, though its been little overused by many, it still has huge potential. With Google including author ranks as a factor in its algorithm, you should not ask for an invitation to start blogging. Writing content that…
https://iguestblog.com
1. backlink services company - How To Hire An Automotive backlink services company
There are many website owners who are using backlink services company to improve the business that they have. It is very important to get an backlink services company so that you can improve your ranking in the world of internet. The first thing that you need to do is to have a list of SEO companies. You really have to shop and compare a number of companies first before you are going to make your final choice.
In looking for a trusted backlink services company, you have to look for positive reviews first so that you can assure that you can get quality SEO services. You need to negotiate well with a chosen backlink services company. It is better if you can discuss together about the ways and steps that need to be done so that your internet ranking will really improve thus improve your business as well.Then, create a baseline of data before starting.
2. backlink services company - How To Select A...
A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
Comments
Post a Comment