MARKET COMMENTARY

The Evolving World of Bitcoin

02.05.2021

Executive Summary

Many supporters of Bitcoin have been cheering its recent prominence (again) among investors. They cite a more stable backdrop resulting from new rules, the establishment of regulated products and custody services, and an uptick in institutional interest. However, Julia Wirts, Portfolio Manager, is hesitant to call this a structural shift in the industry, especially during a year of acute financial disruption. In our latest white paper, Julia suggests that cryptocurrencies like Bitcoin currently appear to lack the stability, transparency, and safeguards of more traditional asset classes. Trading remains highly opaque and regulation uneven, making it difficult to reach a conclusion on its potential risks and rewards. Also, financial institutions continue to grapple with regulatory and legal hurdles that may hinder the cryptocurrency’s path to legitimacy. Over time, clients may have more resources to determine if Bitcoin makes sense for their portfolios. However, its investment landscape may transform considerably, yielding far too many risks for an investor today.

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