Major Australian investment management company Pendal Group is reportedly investing in bitcoin and calling the cryptoasset superior to gold.
According to a report by the Australian Financial Review, Pendal, which has a market capitalization of $1.6 billion on the Australian Stock Exchange (ASX), has begun investing in bitcoin futures contracts through the Chicago Mercantile Exchange.
The investment firm cited the superiority of bitcoin over gold and said a number of clients had begun asking about investing in BTC.
Pendal Group’s head of bond, income, and defensive strategies Vimal Gore said,
We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin.
Gore continued, saying high-net-worth clients and wholesale investors have led the charge in cryptocurrency interest, despite large institutions remaining on the sidelines.
All the big hitters in the hedge fund world are coming out to endorse bitcoin now; it is entering the realm of the mainstream.
In August, Gore explained to business channel Ausbiz that gold is a “negative-yielding asset” while bitcoin is more transferable and a “call option” on the digitalization of the world.
Featured Image Credit: Photo via Pixabay.com