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.
There is no evidence that Uber customers who had their personal details stolen are at risk of direct financial crime, a minister has insisted, despite hundreds of users complaining that their accounts have been hacked from Russia.
The digital minister, Matt Hancock, told the House of Commons that the government was still trying to gauge the number of people in the UK affected by the global breach of the personal information of 57 million customers and drivers in October last year, which the company initially concealed.
On Thursday, the Times reported that more than 800 people in Britain and the US have complained on Twitter of having their accounts hacked by Russians and being billed in roubles for taxi journeys in Moscow and St Petersburg. http://passworday.org
Those hacks could be unrelated to last year’s breach, but since the October attack came to light on Monday, some users have suggested there was a link, despite Uber’s protestations that there was no evidence of fraud...
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AN ENDLESS stream of new discoveries makes science thrilling. But, as any seasoned researcher knows, such novelties are worthless unless they can be replicated. Often, though, replication does not get done as thoroughly as it should be—or even at all. For, as any seasoned researcher also knows, replication is rarely the stuff careers are built on; studies conducted with that goal may even struggle to get published in peer-reviewed journals.
In this context, a recent attempted replication is important, for it actually was published last week in a journal called Psychological Science . Its author was Michael Dufner of the University of Leipzig, in Germany. In it, he said that he was unable to replicate a fascinating previous finding which had suggested that people who smile more intensely tend to live longer than those who did not. http://newssum.net
The original study, published in 2010 by Ernest Abel and Michael Kruger, then of Wayne State University, in Detroit, seemed so...
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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