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First BTC Mutual Fund Launches
The first European mutual fund devoted exclusively to investing in Bitcoin has been launched. Run by the Tobam asset management company and headquartered in Paris, it’s another example of the momentum currently bringing cryptocurrency more and more into the mainstream investment and banking worlds.
As this legitimacy continues to increase, online casinos are increasingly accepting BTC and other crypto currencies as a banking method both inside and outside of Canada. This latest development is expected to continue that momentum forward.
Maturing Market; Huge Value
It’s hard to believe that just a few years ago cryptocurrency was seen as a fringe movement that only internet hackers and other online computing enthusiasts took seriously. Fast forward to today, and it has become a global force offering up an alternative way to do financial transfers online.
Of course, it doesn’t hurt that the price of Bitcoin has exploded in recent months. At the start of 2017, a single BTC fetched about $1,000 on the open market. Today, that same BTC is valued at more than $9,000. That’s a ROI that even an online casino player used to hitting huge scores can appreciate.
Regulatory Challenges Remain
Gone are the days of technological barriers and market uncertainty being an insurmountable barrier to entry for public at large. And it’s this widespread adoption that is now catching the attention of the larger global banking world, causing cryptocurrency to get the same treatment from an investment product as a hard currency.
However, that’s proving to be a double edged sword. Originally conceived as a way to avoid onerous government regulation, legislatures around the world have — unsurprisingly — become more and more interested in cryptocurrency as its popularity (and value) have grown.
But where there’s a will there’s a way. Certainly, the financial world shows no sign of letting up due to the threat of government attention. For now, these financial pioneers are ready to take on whatever future challenges may arise.
“How to run the money and invest in cryptocurrencies is quite elaborate…We found some investors to launch the fund and we have had a lot of interest from an intellectual point of view,” said the fund’s founder Yves Choueifaty.