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Wednesday, November 22, 2017

Investors in real gold now want some 'digital gold' - so they're buying up Bitcoins!



They're called the "Old Mutual Gold & Silver Fund" and they hold over $200 million worth of the precious metals. 

Now, they're expanding their fund to hold the digital gold - Bitcoin.

The funds manager Ned Naylor-Leyland told Bloomberg:

"If you’re going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that’s exactly the point. It’s about bringing the ownership of disciplined money into the modern world. Bitcoin is paving the way for the reintroduction of gold as global money.”

It's been a pretty boring year in gold, but boring can be good - it's basically kept it's value and that's a huge reason many invest in it.

Bitcoin on the other hand, is up 8000% - so this "digital gold" may be a good way to bring their investors some profits while the real gold remains stable.

This will be an experiment for the fund - mixing old with new, saying:

“If you imagine sound money and blockchain together, there’s quite an exciting potential outcome.”

This is just the latest in the long line of 'classic' investors jumping into cryptocurrencies. 

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Author: Ross Davis
San Francisco News Desk