Crypto News: This Gold Fund Is Joining the Bitcoin Frenzy

The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.

The fund started buying in April with a mandate to allocate as much as 5 percent to cryptocurrencies, according to its manager, Ned Naylor-Leyland. The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, he said in an interview on Nov. 16.

“Bitcoin was explicitly designed to be digital gold,” said Naylor-Leyland. “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 about bringing the ownership of disciplined money into the modern world. Bitcoin is paving the way for the reintroduction of gold as global money.”

Bitcoin’s up more than eight times this year to top $8,000 as entrepreneurs in the field say its value lies in proof of concept for a new kind of payment system not reliant on third parties like governments, big banks or credit-card companies. By contrast, gold’s held in a tight range since February, with a short break upward in September as U.S. and North Korea tensions spiraled.

Full story at https://bloom.bg/2k11hL7

Source: Bloomberg

 

 

 

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