Asset manager with €61 billion on balance sheet swapping gold for Bitcoin

The Pendal Group is a listed asset manager from Australia that wants to enter the Bitcoin (BTC) market. It is not a small boy, as they have 100 billion Australian dollars under management, converted into approximately 61.8 billion euros.

Australian fund in Bitcoin

This is reported by the Australian business magazine Financial Review, which the fund manager Vimal Gor spoke to. Among other things, he says:

Bitcoin and other cryptocurrencies have definitively penetrated the mainstream of finance‘.

According to Pendal, Bitcoin will hold futures on the Chicago Mercantile Exchange (CME) for the time being. This means that for the time being they will not buy ‚physical‘ bitcoin on the spot market.

Gor sees that all the big names from the hedge fund world now openly come out for their investment in Bitcoin. Well-known examples are billionaires such as Paul Tudor Jones and Stanley Druckenmiller.

Moreover, he notices that there is an increasing demand for Bitcoin from their customer base.

We have invested in gold futures for our customers for years, but we are now going to do this for Bitcoin.

According to Gor, Bitcoin’s proposition in Cryptosoft is crystal clear. Central banks have squeezed a lot of money in the past decades. That behaviour was exacerbated during the Corona crisis. As a result, government bonds, for example, are worth little or nothing any more.

Rich individuals are looking for alternatives and end up with gold and cryptocurrencies such as Bitcoin. He also foresees that payment transactions will become increasingly digitised.

Bitcoin is a cockroach that exists. They (governments) can no longer ban it‘.

What is striking is that people entering the country also see Bitcoin as a means of payment, something that is not possible with gold, for example.

Narrative of 2020

The motives of this asset manager Down Under fit in with the narrative that institutional money has woken up in 2020.

Companies like PayPal, Square, Grayscale and Microstrategy are buying in physical Bitcoin, as are billionaires and hedge fund managers like Paul Tudor Jones and Stanley Druckenmiller.

Investment banks and financial advisors from Citibank, JP Morgan and BlackRock refer to Bitcoin as a store of value and anticipate a sharp increase in growth.

Market commentators such as Raoul Pal, Dan Tapiero and also the Dutch Plan B have been saying for a long time that the Bitcoin price is still a long way off.

According to Plan B, the creator of the much-discussed stock-to-flow model, there is – now really – a bulk market. A market of which, according to some, we have already seen the first phase in June 2019.

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