Fred Pye, CEO of Canada’s first Bitcoin fund issuer 3iQ, indicates a changing attitude among institutional investors toward Bitcoin.

According to Ana Paula Pereira‘s report for Cointelegraph, which was published yesterday, in a recent interview with them, Fred Pye, CEO of 3iQ, the first Bitcoin fund issuer in Canada, indicated that as the fervor around Bitcoin dies down, portfolio managers and institutional investors are starting to consider the cryptocurrency as a “serious venue” for investment.

Amid global inflation and macroeconomic challenges, these financial professionals managing diversified portfolio assets are reportedly seeking alternative investment strategies. Pye remarked that Bitcoin’s ‘Fear Of Missing Out’ (FOMO) is dissipating, and the focus has shifted to artificial intelligence (AI). This transition has opened a pathway for institutions and portfolio managers to scrutinize Bitcoin as a viable investment avenue.

He further claimed that it is not merely about maximizing profits for these institutional investors. According to Pye, the upcoming trend would be exploring crypto use cases in the following years. He stated, “The theme for 2024 going forward is definitely use cases. So, we’ve got this beautiful technology, now let’s put that beautiful technology to work.”

Although regulatory challenges for institutional cryptocurrency adoption persist, Canada has pioneered in launching crypto ETFs in North America. Canadian regulators have approved multiple crypto ETFs, such as Bitcoin and Ether products from 3iQ, Purpose Investments, and Evolve Funds Group, which have attracted substantial investment to their crypto offerings.

Pye emphasized the success of regulated digital assets ETFs in Canada, stating there is no difference between running a Bitcoin ETF and a gold ETF. He also addressed concerns about the origin of the Bitcoin, ensuring they only purchase “clean Bitcoin.”

Canada’s recent activities in the digital assets domain include a public consultation about a central bank digital currency (CBDC), where the local monetary authority is seeking public opinion on the features to be included in a potential digital Canadian dollar.