The Fundening? Quarter Billion Dollar Gold Fund is Buying Bitcoin
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A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
Bitcoin Paving Way for Reintroduction of Gold as Global Money
Ranjeetha Pakiam reports: “The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.”
Fund manager Ned Naylor-Leyland explained to Ms. Pakiam how they’ve been gobbling up bitcoin since April “with a mandate to allocate as much as 5 percent to cryptocurrencies,” Ms. Pakiam writes.
A response back in 2015 from the fund manager, to an individual who viewed bitcoin as too volatile.
“Bitcoin is paving the way for the reintroduction of gold as global money,” Mr. Naylor-Leyland surmised. Rather than viewing bitcoin as a threat to the precious metal, he instead views it as a way to educate investors. “Bitcoin was explicitly designed to be digital gold. So 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 a curious end-run toward a broader goal, but no one would blame the fund. Bitcoin is up hundreds of percent this year. And since the fund’s reported buying spree in April, the digital currency has risen from just over 1,000 USD to the current floor of above 8,000 USD.
The historic metal has thudded along comparatively during the same interval, up $40 as of this writing.
Bitcoin a Way to Sound Money
“Bitcoin and blockchain resolve” divisibility problems, Ms. Pakiam writes of the fund manager’s thoughts, “[problems of] ownership and speed of transmission.”
“We’re going to revert to sound money,” Mr. Naylor-Leyland is quoted. “If you imagine sound money and blockchain together, there’s quite an exciting potential outcome.”
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
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Even though we're basically on the eve of Sony's big launch of the PlayStation 3, we still had a few outstanding questions about some of the minutiae of the console. Yeah, we're dorky sticklers for detail like that. So here are a few interesting facts about the PlayStation 3 you may (or may not) be interested in knowing:
After plenty of gameplay the console is cool -- or at worst warm -- to the touch on every surface. In a side by side test with the Xbox 360, the console is comparably virtually silent, and the Blu-ray drive is significantly quieter than the 360's DVD drive.
USB keyboards and mice will be plug-n-play, no fuss at all. Who really wants to browse the web with a PlayStation controller anyway?
Bluetooth mice and keyboards will not work with the system at launch.
Any (A2DP) Bluetooth headset should theoretically work with the system, though Sony will have a recommended hardware list. http://xsemulator.net
The EyeToy is the only USB w...
Throughout my lifetime I have visited quite a few countries. While serving in the Foreign Service for over two decades, I was lucky enough to travel to countries around the world that included one country which most of us might not have even thought about or if so was unable to visit due to various reasons. Other countries that I have been to are places which most of us have been and nothing much to say about them.
Whenever I mention this country my friends give me a strange look wondering what kind of a person was I to visit this place. http://wherewelive.org Some even inquired why did I go there or did I enjoy being to this country.
My simple answer was I was a civil servant and wherever I was assigned I had to go as I had no choice.
This country was Russia.
I suppose most of us have no idea about this country or even dreamed of going there. However, I don’t mean all as there might be some fortunate guys like me.
As soon as I knew I was assigned to the ...
A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
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