Vanguard Chief Executive Tim Buckley dismissed bitcoin as an asset and isn't planning on investing in the crypto-currency anytime soon.
Citing a lack of fundamental value Buckley joined a lengthy list of high profile financial chiefs to look down on the hyperbole around crypto-currencies. The Vanguard boss in an interview with «CNBC» compared the lack of fundamental economic value in bitcoin to that of gold, another asset class his firm does not invest in.
Different Strokes
However not everyone has such a dogmatic outlook on the future of digital tender as an investment. Jan Brzezek, founder and chief executive of Crypto Finance AG, has just raised $10 million for his crypto-currency fund. Brzezek is now seeking approval for the fund from Swiss regulators. The passive fund tracks a blue chip index of crypto-currencies calculated by SIX Swiss Exchange.
Earlier this week, former Blackrock investment managers ditched their careers to start a crypto-currency hedge fund. Adam Grimsley and Michael Wong launched Prime Factor Capital based on what they see as growing demand from both ultra-high-net-worth and institutional investors.
