Summary List Placement
Portions of the global economy melted down in 2020, but an emerging asset class seems to have reinforced its staying power amid the chaos.
Grayscale Investments, the world’s largest digital-currency asset manager, notched its largest-ever quarterly inflows, taking in more than $1 billion in new investment, according to a report published by the firm on Wednesday.
Serving institutional investors, family offices, and some private investors, Grayscale offers 10 cryptocurrency products and has $5.9 billion in assets under management.
This marks the third-straight quarter that the asset manager has broken its own record for inflows.
All of this growth comes as the global economy took a nose dive in 2020. And while the price of bitcoin faced its fair share of volatility as well, dropping by almost 50% over the span of less than two weeks in mid-March, the currency had largely recovered by early May.
“I think for a lot of investors, it perhaps for them was one of the first times that they had looked at, or were invested in the asset class, where it fell precipitously in a short period of time,” Michael Sonnenshein, managing director at Grayscale Investments, told Business Insider. “But it was also, for a lot of investors, …read more
Source:: Businessinsider – Finance