Historic British hedge fund Man Group says that it will likely add bitcoin to its “investment universe” once U.S. exchange CME launches bitcoin futures contracts next month.
The London-based Man Group, which was founded in 1783 as a sugar cooperage and brokerage, is one of the world’s largest hedge funds and has close to $100 billion in funds under management.
Responding to the news that the Chicago-based derivatives market CME intends to launch bitcoin futures during the second week of December, Man Group CEO Luke Ellis told Reuters that the firm intends to add bitcoin to its “investment universe” once the futures contracts are officially listed for trading.
“Conceptually digital currencies are an interesting thing,” he said. “It’s not part of our investment universe today – it could be. If there is a CME future on bitcoin, it would be.”
Ellis noted that because digital currencies do not have backing from central governments, they face significant obstacles to achieve mainstream adoption. However, unlike JPMorgan CEO Jamie Dimon and other bitcoin skeptics, he believes that cryptocurrencies still have potential as investment products…
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