Wall Street’s Leading Investment Firm Enters Bitcoin

According to a filing with the US Securities and Exchange Commission (SEC), New York-based leading asset management and advisory firm, Guggenheim Partners becomes the latest institution to enter Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term as the fund seeks a 10% investment exposure in Grayscale Bitcoin Trust.

The Wall Street giant has more than $275 billion in assets under management, the firm is currently engaged in asset management, investment banking, insurance services, and capital markets. Founded in 1999, the investment company has more than 2,400 employees across different locations worldwide.

Guggenheim filed with the SEC on Friday and asked for indirect investment in Bitcoin through a 10% exposure of the company’s Macro Opportunities Fund in Grayscale Bitcoin Trust. The Guggenheim Macro Opportunities Fund invests mainly in fixed income securities and currently has more than $5.2 billion in assets under management.

The firm’s 10% exposure through its macro fund in BTC means approximately $500 million of new investment in Bitcoin. Grayscale is one of the largest cryptocurrency investment firms and currently has over $10 billion in digital assets under management.

“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC),” the official filing states.

Institutional Money

Leading institutions around the world showed interest in Bitcoin and other digital assets this year by either investment in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term or adoption. The US-based business intelligence firm Microstrategy purchased nearly $400 million worth of bitcoin in August and its CEO, Michael Saylor personally owns more than $250 million in BTC. Financial services firm square bought more than 4,700 bitcoin in October this year. PayPal recently announced that the company is ready to allow crypto trading services in a major step towards adoption.

Finance Magnates earlier reported that the world’s largest hydropower generator En+ collaborated with the Russian company BitRiver to jointly set up a BTC mining farm in the Russian city of Bratsk.