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Pimco, with $2.2 Trillion in Assets, Move to Invest in Cryptocurrency

Pimco
Pimco

American investment company PIMCO, that specialises in fixed-income investments such as bonds and mutual funds, has now turned its attention towards cryptocurrency.

PIMCO manage the world’s largest bond fund and oversee $2.21 trillion in assets.

PIMCO CIO on Cryptocurrency

At the 16:30 mark of an interview on CNBC’s Delivering Alpha segment, PIMCO Chief Investment Officer Daniel Ivascyn commented:

‘Cryptos can potentially be a store of value and an inflation hedge. It’s an area of the market that is rapidly growing, and is here to stay. As a firm, we’re spending a lot of time analysing crypto, thinking about decentralized finance, and staying on top of what’s going to be a very important market.’

When the interviewer Leslie Picker asks if Pimco is putting capital to work in crypto, Ivascyn replies:

‘We’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side.’

Ivascyn also acknowledged that decentralized finance (DeFi) has the potential to disrupt the financial industry, and will be a competitor in a sense to Pimco.

‘We’re thinking about scenarios where this could take us to ensure that we are competitively prepared to deal with what’s a rapidly changing environment that offers a pretty significant value proposition, particularly for younger generations, or the new generation of the investment community.’

The Bitcoin price made a new all-time high today, breaking over $67,000, following the launch of the world’s first Bitcoin ETF, the futures-based Valkrie Bitcoin Strategy ETF.

A second futures ETF, the VanEck Bitcoin Strategy ETF, has been approved to launch next week, October 25th.

If you’re looking to buy Bitcoin and take advantage of the institutional FOMO surrounding the cryptocurrency markets in 2021, we recommend regulated exchange eToro.

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