This Gold Fund Is Joining the Bitcoin Frenzy
- Bitcoin ‘explicitly designed to be digital gold’: fund manager
- It’s about bringing ‘disciplined money into the modern world’
Bitcoin: What’s Coming in the Year Ahead
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The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.
The fund started buying in April with a mandate to allocate as much as 5 percent to cryptocurrencies, according to its manager, Ned Naylor-Leyland. The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, he said in an interview on Nov. 16.