Tobam (owned by Amundi), which currently handles 8.8 billion dollars in fixed income securities and securities, Paris-based asset manager, has launched Europe’s first mutual fund (Tobam Bitcoin Fund, alternative unregulated investment fund ( AIFMD)) and is seeking to attract the interest of investors in the mother cryptocurrency.
They will provide a “more convenient and safe vehicle” for qualified investors, he said. More and more cryptocurrencies were created in the last few years and Bitcoin had the largest market capitalization, the longest and also the most liquid, Tobam said. While Bitcoin was “prone to significant risks, including a very high level of volatility, it also provides diversification benefits,” Tobam argued. They believe that both the Bitcoin and the rest of the cryptocurrencies “have the potential to become lasting standards in the financial and savings markets”.
Despite recent progress and intentions, there are obviously quite significant regulatory obstacles for asset managers to acquire Bitcoin and other cryptocurrencies, simply because of their novelty nature.
According to the Financial Times, the Tobam fund is classified as an alternative investment fund, it does not trade in a market and, therefore, it is not regulated, although it has daily liquidity based on market closing prices. Even so, Toboam needs the approval of France’s financial regulator (the Autorité des Marchés Financiers) to launch this fund.
Mr. Choueifaty (Founder of Tobam) said:
This first movement in the world of cryptocurrencies shows our dedication to remain at the forefront and offer our customers innovative products in the context of efficient and unpredictable markets.
The recent significant increase in the value of Bitcoin has increased the interest of investors, which is forcing regulatory authorities, governments in general, institutions and banks to position themselves on Bitcoin, most of them adopting it, although there is still a long way to raise awareness among those who still think that cryptocurrencies are the main vehicles, almost unique and optimal for crime. Despite all the Bitcoin is beginning to spread and it begins to be used in a general way, there are more and more great personalities that speak well of Bitcoin and cryptographic technology, like the founder of Google:
Bitcoin is a remarkable achievement, the ability to create something that is not duplicable in the digital world has enormous value.
This is only the beginning and with perhaps 1% of the potential in progress, many things are being achieved, very important news for France, for Europe and for the world, above all, that of cryptography.