As Canada is not known as a country that is very fond to cryptocurrencies at the moment, states the fact of the small number of crypto related companies. This post talks about the only actively managed crypto fund in the country that keeps almost all of its assets in fiat money.
The portfolio management company Rivemont Investments with its subsidiary the Rivemont Crypto Fund holds 91 percent of its 2.3 million dollar worth of crypto assets in fiat and just 9 percent in Bitcoin.
Their crypto fund has been founded in 2017 and is Canada’s only active crypto managing fund and is registered with the Ontario Securities Commission, Alberta Securities Commission and the British Columbia Securities Commission. Its has a licence to trade the most popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC). They have future plans to start investing in Initial Coin Offerings (ICOs) and possibly altcoins such as NEO and DASH.
Martin Lalonde, the Rivemont Crypto Fund’s president and portfolio manager has stated:
“The core will probably still be the major cryptocurrencies because that’s what the investors know about and want in their portfolio, but I would think another half of the portfolio would probably be I smaller cryptocurrencies, more speculative ones, and some that we think will probably have better performance.”
The strategy of company’s president as he stated in an interview for Bloomberg has been that he invested more than half of the fund’s assets in cryptocurrencies like Bitcoin and Ethereum when the technical indicator was passed by Bitcoin on July 4 and right after that on July 10 when the indicator was passed again he moved the assets back into fiat. As Lalonde have put it:
“The cryptocurrency market right now is not really in a bull market so people are waiting to see if it’s going down further. Those who think that interest in cryptocurrencies is running out of steam are not watching closely. The opposite is happening.”
Bitcoin will continue to be unstable, says Rivemont’s president, but it should go higher then ever in the next couple of years. “We are very bullish, we think it could easily double or triple from where it is right now.” he continues.
At the time of writing Bitcoin is trading 7357 dollars according to CoinMarketCap which is an upside trend from almost 10 percent over a 24 hour period. This top coin has pushed over yesterday’s trading high of 6679 dollars with a rising trend continuing along the day.
According to Cointelegraph’s report from earlier of this month a research data from the Arianna Simpson’s crypto hedge fund Autonomous Partners, has shown that as of April 2018 the number of crypto funds has been estimated to be at 251, from which 175 have been founded in 2017. Just 26 newly launched funds have been so far in 2018 that indicates a slower momentum.