Canada's Rivemont Crypto Fund Holds 90 Percent of Its Assets in Fiat
Canada-based Rivemont Crypto Fund, run by a portfolio management firm Rivemont Investments, holds around 91 percent of its $2.3 million of assets in fiat currency, with only 9 percent in Bitcoin (BTC), Bloomberg reported July 17.
The Rivemont Crypto Fund was founded in December 2017 and is reportedly the only actively managed cryptocurrency fund in Canada. The fund is registered with the Ontario Securities Commission, the Alberta Securities Commission, the British Columbia Securities Commission, and is allowed to trade such cryptocurrencies as BTC, Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC). The fund also plans to invest in initial coin offerings (ICOs) and altcoins like Neo and Dash. Rivemont Crypto Fundâs president and portfolio manager Martin Lalonde said:
âThe core will probably still be the major cryptocurrencies because thatâs what the investors know about and want in their portfolio, but I would think another half of the portfolio would probably be in smaller cryptocurrencies, more speculative ones, and some that we think will probably have better performance.â
Lalonde told Bloomberg in an interview that he invested slightly more than a half of the fundâs assets in BTC and ETH when BTC crossed a technical indicator on July 4, and then moved back into cash when it crossed the indicator again on July 10. Lalonde said, âthe cryptocurrency market right now is not really in a bull market so people are waiting to see if itâs going down further.â Lalonde added:
âThose who think that interest in cryptocurrencies is running out of steam are not watching closely. The opposite is happening.â
As per Lalonde, BTC will stay volatile, however it will reach new highs in the next couple of years. âWeâr e very bullish, we think it could easily double or triple from where it is right now,â he said.
Today BTC is trading around $7,309, up almost 10 percent over the 24-hour period at press time. The leading cryptocurrency has pushed beyond yesterdayâs peak trading price of $6,679, with the upward trend continuing at press time.
As Cointelegraph reported earlier this month, data from Autonomous Research shows that the number of crypto-focused funds was estimated at 251 as of April 2018, 175 of which were launched in 2017. In 2018, only 26 new funds have been established, signalling a possible downtrend in momentum.Source: Google News Canada | Netizen 24 Canada