News regarding hedge funds and companies investing in Bitcoin are arising during these weeks. Today the French asset management company, TOBAM, has decided to create the first Bitcoin mutual fund.
This company manages more than $9 billion dollars and opens doors to investors in order to gain access to Bitcoin. This is the first European mutual fund that starts to operate in the continent with Bitcoin funds.
This is good news for Bitcoin. Traditional and institutional investors that do not trust the most known virtual currency exchanges, could be nearer to the cryptocurrency world with this Bitcoin fund.
“Direct investment in Bitcoin can be operationally challenging, from dealing with the choice of the platform, to maintaining the proper security measures in terms of custody and to managing the changes made to the protocol,” said Cristophe Roehri, business development lead.
More Hedge Funds Adding Bitcoin as a Possible Investment Option
In the last months, Bitcoin has seen an incredible widespread adoption at the institutional level. The Chicago mercantile Exchange is the most known example of it. In other countries, other futures exchanges are adding Bitcoin to their platforms. These positive news pushed Bitcoin price to new all time highs. The cryptocurrency arrived at $8400 dollars. At the moment, according to coinmarketcap, Bitcoin is being traded at $8200 dollars.
JP Morgan Chase CEO, Jamie Dimon, has made a 180º turn regarding Bitcoin and cryptocurrencies. The Wall Street Journal reported that JP Morgan is considering the possibility of providing access to the Chicago Mercantile Exchange’s (CME) Bitcoin futures trading.
“J.P. Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures-brokerage unit,” reads the report.
The interesting fact is that Jamie Dimon has been criticizing Bitcoin since a really long time. He has said that Bitcoin is a ‘fraud’ that will eventually ‘blow up’. He has also commented about Bitcoin investors saying that they are ‘stupid’ if they invest in this cryptocurrency. About the future of this virtual coin, he stated that governments will kill Bitcoin with regulations.