According to Reuters, CEO Luke Ellis indicated that if the CME proceeds with its plans to list a bitcoin futures contract – possibly as early as next month – the hedge fund that claims more than $100 billion in assets under management could make cryptocurrency as part of its "investment universe.
The CEO of the Man Group, a major U.K.-based hedge fund, is reportedly eyeing an entry into the cryptocurrency space in light of a pending derivatives product launch by CME Group.
His remarks come on the heels of CME announcing that it would launch its bitcoin product by the end of 2017. At the time it announced the product, the company was still waiting on approval from regulators.
CME Group CEO Terry Duffy then made waves earlier this week when he said that the futures contract could launch as soon as mid-December.
At the 2017 Reuters Summit, Man Group CEO Luke Ellis stated that Man Group “will add bitcoin to its investment universe if CME launches futures contract as planned.
Earlier today, the bitcoin price soared to over $6,830, achieving $6,905 at its peak, triggered by the increasing adoption of high profile investment firms and payment services providers.
As such, given that the minimum value of investments by multi-billion hedge funds is at around $300 to $500 million, by the end of 2017, billions of dollars will likely flow into the bitcoin market.
A similar trend will likely emerge in an upward movement by the end of December, in which hundreds of millions of dollars in bitcoin investment by firms like Man Group would trigger individual investors to invest in bitcoin and the market.
$100 Billion Hedge Fund Man Group Plans to Add Bitcoin to ‘Investment Universe’.
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.
Ellis did not state categorically whether the firm will trade CME’s bitcoin futures or explore direct engagement with the cryptocurrency markets — as investment banking firm Goldman Sachs has reportedly considered doing.
Because CME’s bitcoin futures will trade in a regulated environment, the exchange will have “bumpers” to prevent the market from moving too far in one direction during a single day of trading.
” The CME Group announced that the bitcoin futures will be ready in early December, 2017, which immediately increased the price of bitcoin.
Tuesday, November 14, 2017.
Man Group, a large hedge fund in London, ready to launch bitcoin products.
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