Major Australian Investment Firm Moves From Gold to Bitcoin | News - Bitcoin News | Canada News Media
Connect with us

Major Australian Investment Firm Moves From Gold to Bitcoin | News – Bitcoin News

Published

 on


A billion-dollar Australian investment management firm has gotten into bitcoin, citing that the cryptocurrency is superior to gold. Many of the firm’s clients have been asking about investing in bitcoin. “We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin,” said an executive of the firm.

Bitcoin ‘Entering the Realm of the Mainstream’

Australian investment management company Pendal Group has started investing in bitcoin through futures contracts on the Chicago Mercantile Exchange, AFR publication reported Monday. Pendal is a global investment management company listed on the Australian Stock Exchange (ASX) under the symbol PDL. Its market capitalization is currently $1.6 billion.

“We have so many clients asking us about bitcoin and what to do and how to get access,” said Pendal Group’s head of bond, income, and defensive strategies, Vimal Gor. “Large institutions have stayed away so far, but high-net-worth clients and wholesale investors are leading the charge.” He elaborated:

All the big hitters in the hedge fund world are coming out to endorse bitcoin now; it is entering the realm of the mainstream.

Among famed billionaire investors who have endorsed bitcoin one way or another are Paul Tudor Jones, Bill Miller, and Stan Druckenmiller. Jones recently said he sees massive upside to bitcoin, comparing the cryptocurrency to investing in early tech stocks, such as Apple. Miller believes that eventually all major banks, investment banks, and high net worth firms will have exposure to bitcoin, while Druckenmiller said the cryptocurrency could beat gold.

Bitcoin Superior to Gold

Gor believes that “bitcoin is superior to gold,” AFR conveyed and quoted him as saying:

We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin.

His sentiment echoes what he told online business channel Ausbiz in August when he explained the reasons he invested in gold for his clients. “Gold is a negative-yielding asset,” but since “virtually every asset in the world is a negative-yielding asset,” gold looks better than these assets on a relative basis, he detailed. However, when compared to bitcoin, he said the cryptocurrency “has an advantage over gold.”

Gor opined: “If Bitcoin is considered a store of value and a store value is purely a social construct. Then it is better than gold as it’s transferable as you don’t need to go and physically pick up a big heavy bar and just give it to someone else.” In addition, he described bitcoin as “a call option on the digitalization of the world, which is very clear where we’re going with all the central banks in the world, looking at their own coins.”

Government Bonds Will Be a Dead Asset Class

Gor also shared that his fundamental analysis of bitcoin takes into account central banks’ trillion-dollar quantitative easing (QE) programs, and government bonds becoming less relevant.

“Covid just accelerated the large structural trends that were already in place,” Gor remarked. “The first and main one was falling official interest rates and bond yields. With large scale central bank QE programs in place, bond yields are going to stay low for a very long time.” He continued:

We think ultimately that government bonds will turn into a dead asset class, so we now have to imagine what it will be like for other assets classes when bonds are no longer relevant to hold in a portfolio.

What do you think about all the big money moving into bitcoin? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Let’s block ads! (Why?)



Source link

Continue Reading

News

Alouettes receiver Philpot announces he’ll be out for the rest of season

Published

 on

Montreal Alouettes wide receiver Tyson Philpot has announced he will be out for the rest of the CFL season.

The Delta, B.C., native posted the news on his Instagram page Thursday.

“To Be Continued. Shoutout my team, the fans of the CFL and the whole city of Montreal! I can’t wait to be back healthy and write this next chapter in 2025,” the statement read.

Philpot, 24, injured his foot in a 33-23 win over the Hamilton Tiger-Cats on Aug. 10 and was placed on the six-game injured list the next week.

The six-foot-one, 195-pound receiver had 58 receptions, 779 yards and five touchdowns in nine games for the league-leading Alouettes in his third season.

Philpot scored the game-winning touchdown in Montreal’s Grey Cup win last season to punctuate a six-reception, 63-yard performance.

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

Sports

David Lipsky shoots 65 to take 1st-round lead at Silverado in FedEx Cup Fall opener

Published

 on

 

NAPA, Calif. (AP) — David Lipsky shot a 7-under 65 on Thursday at Silverado Country Club to take a one-stroke lead after the first round of the Procore Championship.

Winless in 104 events since joining the PGA Tour in 2022, Lipsky went out with the early groups and had eight birdies with one bogey to kick off the FedEx Cup Fall series at the picturesque course in the heart of Napa Valley wine country.

After missing the cut in his three previous tournaments, Lipsky flew from Las Vegas to Arizona to reunite with his college coach at Northwestern to get his focus back. He also spent time playing with some of the Northwestern players, which helped him relax.

“Just being around those guys and seeing how carefree they are, not knowing what’s coming for them yet, it’s sort of nice to see that,” Lipsky said. “I was almost energized by their youthfulness.”

Patton Kizzire and Mark Hubbard were a stroke back. Kizzire started on the back nine and made a late run with three consecutive birdies to move into a tie for first. A bogey on No. 8 dropped him back.

“There was a lot of good stuff out there today,” Kizzire said. “I stayed patient and just went through my routines and played well, one shot at a time. I’ve really bee working hard on my mental game and I think that allowed me to rinse and repeat and reset and keep playing.”

Mark Hubbard was at 67. He had nine birdies but fell off the pace with a bogey and triple bogey on back-to-back holes.

Kevin Dougherty also was in the group at 67. He had two eagles and ended his afternoon by holing out from 41 yards on the 383-yard, par-4 18th.

Defending champion Sahith Theegala had to scramble for much of his round of 69.

Wyndham Clark, who won the U.S. Open in 2023 and the AT&T at Pebble Beach in February, had a 70.

Max Homa shot 71. The two-time tournament champion and a captain’s pick for the President’s Cup in two weeks had two birdies and overcame a bogey on the par-4 first.

Stewart Cink, the 2020 winner, also opened with a 71. He won The Ally Challenge last month for his first PGA Tour Champions title.

Three players from the Presidents Cup International team had mix results. Min Woo Lee shot 68, Mackenzie Hughes of Dundas, Ont., 69 and Corey Conners of Listowel, Ont., 73. International team captain Mike Weir of Brights Grove, Ont., also had a 69.

Ben Silverman of Thornhill, Ont., had a 68, Nick Taylor of Abbotsford, B.C., and Roger Sloan of Merritt, B.C., shot 70 and Adam Svensson of Surrey, B.C., had a 71.

Lipsky was a little shaky off the tee for much of the afternoon but made up for it with steady iron play that left him in great shape on the greens. He had one-putts on 11 holes and was in position for a bigger day but left five putts short.

Lipsky’s only real problem came on the par-4 ninth when his approach sailed into a bunker just shy of the green. He bounced back nicely with five birdies on his back nine. After missing a 19-foot putt for birdie on No. 17, Lipsky ended his day with a 12-foot par putt.

That was a big change from last year when Lipsky tied for 30th at Silverado when he drove the ball well but had uneven success on the greens.

“Sometimes you have to realize golf can be fun, and I think I sort of forgot that along the way as I’m grinding it out,” Lipsky said. “You’ve got to put things in perspective, take a step back. Sort of did that and it seems like it’s working out.”

Laird stayed close after beginning his day with a bogey on the par-4 10th. The Scot got out of the sand nicely but pushed his par putt past the hole.

Homa continued to have issues off the tee and missed birdie putts on his final four holes.

___

AP golf:

The Canadian Press. All rights reserved.

Source link

Continue Reading

Sports

Canada’s Marina Stakusic advances to quarterfinals at Guadalajara Open

Published

 on

 

GUADALAJARA, Mexico – Canada’s Marina Stakusic is moving on to the quarterfinals of the Guadalajara Open.

The Mississauga, Ont., native defeated the tournament top seed, Jelena Ostapenko of Latvia, 6-3, 5-7, 7-6 (0) in the round of 16 on Thursday.

Stakusic faced a 0-4 deficit in the third and final set before marching back into the match.

The 19-year-old won five of the next six games to even it up before exchanging games to force a tiebreaker, where Stakusic took complete control to win the match.

Stakusic had five aces with 17 double faults in the three-hour, four-minute match.

However, she converted eight of her 18 break-point opportunities.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version