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Tags: , cryptocurrency

[/fusion_text][fusion_text]ARK Invest Blockchain Products Lead, Chris Burniske, sits down with CNBC to discuss markets using bitcoin as a disaster hedge in relation to the Brexit vote.

“What we’ve been seeing with bitcoin, generally, is capital market investors are using it as a disaster hedge. We saw this in summer of last year with the Greek debt crisis. Bitcoin trading volume spiked and the price enjoyed a sustained rise. We also saw it late last year with fear of the Chinese devaluing the yuan, and we saw it with Brexit this year.”

“I think we will continue to see capital market users really turning to bitcoin as a disaster hedge due to its low correlation of returns with other capital market assets.”

“In the long-term, when you look at bitcoin’s stellar absolute returns, its dropping volatility, and its superior sharpe ratio (better returns per unit of risk taken), its been a great long-term asset. ARK really sees bitcoin as a long-term play.”

“Just as voice over IP revolutionized voice communication, bitcoin as money over IP is revolutionizing the transfer of value. So you are seeing a lot of people open up to its utility as a technology and an asset. This is something ARK covered in our recent white paper, Bitcoin: Ringing the Bell For A New Asset Class.”

All statements made in this article are direct quotes from the interview with Chris Burniske. Click here to view the full broadcast.

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Fred Pye

Frederick T. Pye

CHAIRMAN, CHIEF EXECUTIVE OFFICER & DIRECTOR

Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.