Ever since its creation, Bitcoin has grown in leaps and bounds over the years and has now enjoyed adoption by crypto enthusiasts and non-crypto enthusiasts. With this, most investments and businesses worldwide have now started to adopt crypto to boost its holdings in the financial market.
With this in mind, an Australia-based securities investment platform, Pendal Group, has announced its investment in Bitcoin. With the investment platform boasting nothing less than $73.6 billion in its coffers, its adoption of Bitcoin will be a massive boost to the price of the digital asset.
Crypto is now being adopted by high players in the hedge fund world
In a statement released by the Head of bond, Pendel Group, Vimal Gor, he said that the firm decided to invest in Bitcoin Futures on the Chicago Mercantile Exchange because Bitcoin is now gaining adoption on a mainstream level.
This latest support and investment in Bitcoin is coming off the back of various institutional outfits that have shown their support for Bitcoin. “As we can see now, all the big players in the hedge fund world are currently showing their support for Bitcoin and are currently investing in the digital asset,” Gor said.
Notably, Gor made his statement having in mind people like Paul Tudor Jones and Stan Druckenmiller. They are both billionaires that have backed Bitcoin to perform well in the financial market and have subsequently invested in the digital asset. Other investments worthy of mention are Square and MicroStrategy that have made huge investments in the leading digital asset.
Furthermore, Gor said that investors’ increasing demand on its platform pushed them into making a move to buy the digital asset. “We have been investing in gold for a vast number of years because our clients wanted it, and now that they have communicated that they prefer Bitcoin too, we are going to invest in it for their sake.
Pendel Group believes that crypto is the future
Bitcoin is currently enjoying a swell time in the financial sector because people are no longer interested in government bonds because they possess a diminishing yield because of specific government easing policy. This is majorly why most billionaires and high-value investments prefer to dabble in the crypto and use it as a hedge to safeguard their investments.
As soon as more people turn to other asset classes like gold and digital assets, bonds might go into extinction. Even though the crypto market is riddled with volatility, one factor that has been able to reduce the sector’s volatility is the activities of the investors and members of the crypto community.
Also, Pendal Group has said that the future is meant for those that will embrace digitization, as has been evident by the coronavirus pandemic. “The coronavirus pandemic was one of the events that sowed how useful digital assets can be going into the future,” Pendel Group said. This also buttresses the fact that digital assets are not going anywhere in the years to come as the sector has been predicted to evolve in the next few years.