Cryptocurrency Hedge Fund Rivemont Is Holding 90% Of Its Assets In Fiat Currencies
The Canadian cryptocurrency hedge fund Rivemont, is currently holding 91% of its $2.3 million dollars of assets in fiat currency. It only has 9% in Bitcoin (BTC). The information has been reported by Bloomberg on July the 17th.
The Rivemont Crypto Fund was founded back in December 2017, when the famous virtual currency was traded on its all time high ($20,000 dollars). Apparently, it is the only actively managed crypto fund in Canada, registered within the Ontario Securities Commission, the Alberta Securities Commission and the British Columbia Securities Commission.
The company has permission to trade different virtual currencies including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Ethereum Classic (ETC). It is important to mention that the fund has also been looking to invest in Initial Coin Offerings (ICOs) and other important altcoins including NEO or Dash.
Martin Lalonde, Rivemont Crypto Fund’s president, 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 in smaller cryptocurrencies, more speculative ones, and some that we think will probably have better performance.”
Furthermore, he explained to Bloomberg that he has invested more than half of the fund’s assets in BTC and ETH the moment BTC crossed an important technical indicator on July the 4th. Later on July the 10th, he moved back to fiat.
According to Lalonde from Rivemont, Bitcoin will still remain volatile but it will still reach new all time highs in the next years. The positive long-term outlook for Bitcoin remains untouched for every single expert in the cryptocurrency world.
“We’re very bullish, we think it could easily double or triple from where it is right now,” he explained.
At the moment, Bitcoin is being traded around $7350 dollars after spiking earlier today 10% in just 40 minutes. It moved from $6700 to $7400 in just a few minutes and registered an important increase in volume (the highest in the last months).
Cryptocurrency hedge funds have been expanding during the last years after the incredible bull run experienced by the market. It is very promising for Bitcoin to have an important number of hedge funds investing at all times in a very volatile and growing market. It would be interested to see cryptocurrency hedge funds managing a higher percent of digital assets rather than only 10%.