Saturday, November 28, 2020

Tag: Switzerland Opens Door To Bitcoin Asset-Management Business

Switzerland Opens Door To Bitcoin Asset-Management Business

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from ZeroHedge:
Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} drop from the all-time highs hasn’t done much to temper wealthy investors interest in bitcoin and other cryptocurrencies as alternative investments potentially worthy of diversification. And with the Greyscale Bitcoin Investment Trust still trading at a ridiculous premium, and the chances of the SEC approving a bitcoin ETF in the US looking increasingly remote, it’s unsurprising that “private wealth managers” and trying to scoop up wealthy customes who have expressed an interest in bitcoin.

But while regulators in the US and in many other part of the developed world have been hesitant to embrace bitcoin, Switzerland may have just given the world’s private-wealth specialists the opening they needed.