Pension Pulse: Bitcoin’s Big Bang? Fred Pye of 3iQ is Quoted
Read the full article by Leo Kolivakis here Pension Pulse
Below are some quotes from the article:
“”He [Fred Pye, President and CEO of 3iQ] said there is now $275 billion in cryptocurrencies and the market value of gold is roughly $7 trillion (see figures here) whereas as the value of total global assets is roughly $200 trillion.
“So the first big move is bitcoin heading to 1% of total global financial assets ($2 trillion) and then once institutions like pensions and sovereign wealth funds invest, it can double or triple from that level.”
But according to Fred, the real big move will happen “when there is a crisis in fiat currencies” and everyone will be looking to cryptocurrencies to preserve their capital.””
“Bitcoin has landed on Wall Street with a bang.”
“Bitcoin wagers have until now been mostly limited to venues with little or no oversight, deterring institutional money managers and exposing some users to the risk of hacks and market breakdowns.
Bitcoin futures expiring in January climbed to US$17,540 as of 11:29 a.m. in London from an opening level of US$15,000, on 2,798 contracts traded. The spot price climbed 6.4 per cent to US$16,647 from the Friday 5 p.m. close in New York, according to the composite price on Bloomberg.
The roughly US$900 difference reflects not only the novelty of the asset but also the difficulty of using the cash-settled futures to trade against the spot, strategists said.”
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