A portfolio manager could now have a career risk of not having Bitcoin in his portfolio. The chairman of CoinShares discusses Bitcoin's sentiment on CNBC
'If you don't own Bitcoin, you might get fired': CoinShares on CNBC
Danny Masters, chair of CoinShares and former JP Morgan commodity trader, told CNBC that the financial environment has shifted to the extent that not getting Bitcoin exposure could be a riskier option for fund managers than investing in it.
The head of the digital asset management company, interviewed on Power Lunch, related to the fact that it was seen as risky for asset managers working in institutions in the past to bring money into Bitcoin. But he claimed that, as a portfolio manager, the "perceived career risk of having Bitcoin in your institutional portfolio is rapidly migrating to a career risk of not having Bitcoin in your portfolio, and that's a really impressive development."
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The argument was outlined by CNBC host Kelly Evans:
“That is perfectly well-stated, you’re not going to get fired anymore if you had some Bitcoin, but you might get fired if you didn’t.”
"Masters believes that Bitcoin's perceptions as an extremely volatile asset have subsided because the volatility of other asset classes has proven to be much more volatile than individuals predicted. He said that among mainstream investors, Bitcoin has shed its former negative stigma and that it is no longer a matter of whether businesses will be exposed to the digital asset, but when and how much, citing Square, Microstrategy, and Paypal investments.
These businesses "are outperforming the market because their exposure to Bitcoin is going public," and as a result:
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"There's no doubt that sentiment is electric." Masters reported in October that Bitcoin was increasingly resilient and in a very strong position as its price refused to fall amid reports of charges being laid against the founders of the big BitMEX derivatives exchange that would have driven a price reduction in the past:
"Having been around crypto during MtGox, the China ban, Bitfinex Hack, Trump comments and many of the other market-smashing stories that punctuate bitcoin's history I was struck by the lack of negative price movement, particularly around BitMEX,"
The Index of Fear & Greed sits at 92 out of 100, suggesting a sense of intense greed. These levels have not been seen since the index reached 95 in June 2019.
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