BITCOIN DIARY: Hey, ho and up she rises! Thanks to Old Mutual
'So, what's behind this new surge? The answer seems to lie in the decision by some pretty conservative institutional investors to start buying into crypto'
What shall we do with a drunken market? Contrarian, incorrigible and bereft of market conventions, Bitcoin is back on a bull run, surging to R127,000 a coin on the ZA market (now over $8,000). Here's the latest trading (Friday AM) on ice3x: As you can see from the above, Ethereum and Litecoin are also on the charge. So, what's behind this new surge? The answer seems to lie in the decision by some pretty conservative institutional investors to start buying into crypto. Among them, Old Mutual's gold and silver fund ($220m) which announced that it had started quietly buying Bitcoin in April "with a mandate to allocate as much as 5% to cryptocurrencies". This from Bloomberg: The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, fund manager Ned Naylor-Leyland said in an interview on November 16. “Bitcoin was explicitly designed to be digital gold,” said Naylor-Leyland. “So if you’re going to have a small proportion of a fund in bitcoin, it shou...
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