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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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.