Man Group, a large British hedge fund, plans to add cryptocurrencies to its portfolio if CME group manages to launch Bitcoin futures. You have their word!
Just like that?
According to Man Group CEO Luke Ellis, the challenges don’t mean that cryptocurrencies are not investable. “It’s not part of our investment universe today – it could be. If there is a CME future on bitcoin, it would be.”
Why is it important
Well, Man Group is one of the biggest fish in the hedge fund sea – and they manage $103.5 bln. Which means that even considering Bitcoin trading is a huge vote of confidence.
What can we learn from it
- So far, hedge funds are only open to accredited investors with net worth over $1 mln. It will be interesting to see how opening up to Bitcoin will change that.
- There is a chance that Man Group will choose to create a separate exchange traded fund to work with crypto.
- In any case, it’s a positive signal from the Wall Street towards cryptocurrency adoption.