Content adapted from this Zerohedge.com article : Source
The big banks are coming to cryptocurrency.
This week we got the announcement that Goldman Sachs is buying Circle for $400M. JPMorgan, one of the biggest critics of bitcoin, has been buying bitcoin-backed ETNs, claiming it is for their clients.
Now we get this from Bloomberg:
As Bloomberg reports, Boston-based Wellington Management Co. - a massive fund company with $1 trillion AUM - is considering adding cryptocurrencies to some of its portfolios, according to a February report from one of its equity analysts.
The company has already upgraded the system to handle bitcoin deriviatives from both the CBOE and CME. This is in addition to investing in select chipmakers who cater to the miners.
Wellington's trial balloon comes at an interesting time: Late last night, the Wall Street Journal reported that the SEC has issued subpoenas and information requests to certain high-profile ICOs, including a Overstock.com's planned tZero offering.
That’s a great thing if you consider what they had been telling for the past few years when stock market was understood by only word “UP”, now they see some trouble on the road ahead so they are reconsidering their options or perhaps they are inspired by Goldman Sachs' all-in approach to cryptocurrencies and blockchain technology including possibly launching the first Wall Street crypto trading. However, they couldnt beat the stock market index generally, so now people should trust them investing in crypto? They have been loosing money all over. People should not trust them, they should invest in crypto directly instead. However their money are always welcomed as long as manipulating is not involved, but let’s not be naive, it always will.
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A hedge fund hedges their bets so their return on average is usually lower than that of a pure equity index like the spy, but they actually take on less risk. This hedged risk allows them to manage massive billion dollar portfolios. Sure you could just stick all that money in the s&p500 and possibly get a larger return, but all your eggs are in one basket and your risking a lot more that way.
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Goldcorp CEO announces his plan for a gold backed cryptocurrency in order to give Bitcoin a run for its' money. The Royal Canadian Mint is involved. This should take a very big chunk of gold out of action so that the Chicago and London manipulators have to look harder elsewhere for physical. I can see other gold companies possibly joining in the action for Jan. 2018. It's definitly a good plan for the mining industry. Cut off the supply. Here's the CEO on a Kitco interview talking about it:
http://www.kitco.com/news/video/show/BMO-Conference-2018/1870/2018-03-0…
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Goldcorp CEO announces his plan for a gold backed cryptocurrency in order to give Bitcoin a run for its' money. The Royal Canadian Mint is involved. This should take a very big chunk of gold out of action so that the Chicago and London manipulators have to look harder elsewhere for physical. I can see other gold companies possibly joining in the action for Jan. 2018. It's definitly a good plan for the mining industry. Cut off the supply.
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The market for digital coins and tokens hit over $800 billion and bitcoin soared close to $20,000, according to data from CoinMarketCap . The rapid rise of the market precipitated the launch of a number of crypto-focused investors. At last check, over 220 such hedge funds exist, according to a Reuters report .
But mainstream money managers have stayed away. To be sure, the cryptocurrency market is brimming with fraud, uncertainty, and hacks. JPMorgan estimates that a third of bitcoin exchanges have been hacked.
Looking at the market more optimistically, Wellington notes that the market's infrastructure is falling into place.
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awesome
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2018 is the year of change. Adoption of important decisions, the emergence of a new cryptocurrency. Who knows, maybe bitcoin will cease to be the main crypto currency. I believe in other cryptocurrencies. For example, in SmartCash, which can change the world much more than we think.
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Some investors / traders / capital is leaving Poloniex because Circle bought the exchange.... Those people want to be independent, and not be tight to Bankers in any way.
This will be very interesting period in next few months: where the smart money will go then?
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Nothing can stop the crypto revelation everybody are join to the club now
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JPMorgan, one of Bitcoin's greatest critics, bought the finished assisted ETNs claiming to use it for their customers.
This is good news.
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did www.zerohedge.com is ur website ?
You know a lot about everything crypto
can i know you learn where everything about crypto?
thanks for share it
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This will do only good stuff to the cryptocurrency market the more money in the market and having big players like Goldman Sachs and JPMorgan will make the market bigger , stronger , more stable and with less scammer
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Oh boy... I sense another pump and dump coming. Bloomberg has been notorious for manipulating the cryptocurrency market.
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Hahaha, the funny part was them saying it is for their client and yet creating room to accommodate bitcoin. It shows they want a long time future investment cos $400 million is really huge. More banks will come in
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Add Wellington Management Co. to the list of mainstream investors getting serious about digital coins.The Boston-based firm with $1 trillion under management is considering including cryptocurrencies in some portfolios, it said in a February report from a team that includes equity research analyst Matthew Lipton and trading technologies principal Lee Saba. The company’s systems were upgraded to enable trading in Bitcoin derivatives, and Wellington has started taking positions in companies related to cryptocurrencies.“Various Wellington teams are already positioning portfolios to take advantage of mining and blockchain implementations by, for example, investing in select chipmakers making components” for tracking and creating digital coins, the report said, without naming specific stocks.
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At least add a source if you're copying text..
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Banks just need to buy the biggest exchanges after government regulation to control Bitcoin market.
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The company said in a report released in February by a team consisting of Matthew Lepton, a stock market research analyst, and Lee Saba, a Boston-based company that manages a $ 1 trillion portfolio. The company's systems have been upgraded to allow trading of Petcowin derivatives, and Wellington has begun taking positions in companies related to covert operations.
"The various Wellington teams are already building portfolios to take advantage of exploration and mining operations by investing, for example, in selected chip makers," the report says, "to track and create currencies digital without mentioning specific stocks.
Taiwan Semiconductor Co., which manufactures Nvidia chips and Advanced Micro Devices Inc., has grown 34% since the beginning of 2017, reaching a record in January. NVIDIA more than doubled during this period. The demand for high-powered chips used in mining encryption comes just in time for TSMC, because of the decline in smartphone sales in China.
Wellington wishes to point out that, for the time being, direct exposure is not captured in PeteCwin and related currencies, qualifying its official position as "conservative". As business analysts dig deeper into digital icons, they plan to say more about their forecasts in a timely manner.
The largest digital currencies as a group fell 12% in February after falling 15% in January, according to the MfEx index, which follows the larger and more liquid sebukernets. This is the first monthly decline from month to month since November 2016.
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its very informative and important.
plese go ahead...
thanks a lot for sharing.
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After a week since Bitcoin futures started trading volume of crypto money reached half a trillion dollars. Compared to other markets, this small figure appears to be more of a cash flow, given that the mother-blood finance world is beginning to accept Bitcoin. This reinforces optimistic forecasts for the future as Keizer explains.
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Well, seems like a lot of big news are hitting us almost every day! If banksters start looking into cryptos and buy them, then we will probably see very big prices by the end of the year... Even those who said Bitcoin is a scam are actually getting into cryptocurrencies, so the masses are gonna come in soon :)
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Right now everything points for BTC price to go up, good news everyday, the buyers refuse to go lower than 10K, and now we are heading to $12K.
"fund company with $1 trillion AUM" is a lot of money, and it looks that it is about to happen, so we might be very close of a break up on the price. As always if BTC price decide to explode, immediately all of the other coins will follow, and we might start to see some good coins winning a lot of market cap.
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it seems we will see big gains in the future !
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Wellington Management Co. going crypto is massive news for the cryptocurrency market. A huge boost that is continuing a transition that could have been started Goldman Sachs buying Circle. The firm has come to terms with the existence of cryptocurrency after realising the trend at which
the market is moving among the public. The portfolios they have positioned to take advantage of mining and blockchain implementations will result into a very secure system. One that will protect the company from fraud since currency will all be digital from creation through payment. This new system will also have lower transaction fees other than credit and debit which have high transaction fees amidst the many hidden fees.
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You take its flower.jpg)
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