Back in the spring, Roy Sebag’s precious metals investment firm Goldmoney Inc. dumped millions of dollars in bitcoins, calling the digital money a bubble. Now he wants to sell you cryptocurrency trading and storage services.
Sebag, who had originally named his Toronto-based company BitGold Inc.when it was founded in 2014, claims he’s not back-tracking. He’s bearish because he expects regulation to weigh on prices as the market matures. Cryptocurrencies fell in overnight trading after South Korea banned initial coin offerings.
“For the industry to succeed, it needs to be regulated, and once it is, prices won’t go up like this anymore,” Sebag said in an interview. “What we’re saying is, you guys want this industry to grow up? Then it needs to have standards, it’s got to be auditable and insurable. What I’m excited about is moving the industry in the right direction.”
Bitcoin’s meteoric rise this year is attracting tons of attention, but most institutional investors are staying on the sidelines as cryptocurrencies are too volatile and don’t have the safeguards that most financial assets do. Some companies are stepping up efforts to bring the market to the mainstream, opening regulated exchanges, creating futures contracts, and attempting to list exchange traded funds. Goldmoney’s is the latest in these forays.
Full story at https://bloom.bg/2wqts7n
Source: Bloomberg
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