3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Andreessen Horowitz Hosts “Unusual” Meeting With US Regulators
September 1 – Andreessen Horowitz, a VC firm known for its early investments in Facebook, recently stood up for cryptocurrencies in front of government officials in Washington. Back in May, the firm hosted an event which included officials from the Department of Treasury, the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other cryptocurrency-related companies from the company’s portfolio. According to the Wall Street Journal, an assembly including this high number of federal government agencies is “unusual”, granted that these agencies rarely meet in both private or public conferences. While government agencies expressed caution at the event, Andreessen Horowitz made an effort to challenge misunderstandings and educate regulators who oversee the crypto sector in the United States.
Read the full article from the Wall Street Journal here.
Ex-Goldman Sachs Executive Suggests Investors Buy Bitcoin During Currency Turmoil
September 1 – According to Raoul Pal, an economist and the former head of hedge fund sales for Goldman Sachs, bitcoin could be a worthwhile hedge and notable candidate for future financial systems that are not fiat-based. Through a series of Twitter posts and charts, Pal expressed caution that the Fed Trade Weighted Dollar Index breaking higher “could mean something big” is on the horizon. Pal also charted EU banks, suggesting that a “breakdown” could coincide with the dollar’s upwards move. He also suggests that 2-year bond yields could fall potentially as low as -4% in the US. “Frankly, I don’t care what the snarks think. This is a reality. Maybe it is THE reality. Bonds. Dollars. Gold. Bitcoin”.
Read the full Twitter thread here.
Read the full article from News BTC here.
56% of the World’s Top 50 Universities Have Crypto or Blockchain Classes
August 28 – According to a study conducted by the cryptocurrency exchange and custody provider Coinbase, around 56% of the top 50 universities around the world are currently offering crypto and blockchain courses. Back in 2018, Coinbase found that just 42% were offering such courses. The growth in courses offered also coincided with an increase in student interest. Student clubs were a major driver, as 41 of the 50 universities had student clubs relating to crypto or blockchain. Interestingly, most crypto and blockchain courses did not fall under the label of computer science, but rather finance, economics, law and engineering.
Read the full article from Coindesk here.
Almost 10% of India’s High-Net Worth Individuals Want to Increase Allocation to Cryptocurrencies
August 31 – India’s high-net worth individuals are looking to increase their allocation to cryptocurrencies as there are growing concerns about an economic slowdown that could come soon to the country. According to reports from Quartz, around 36% of high-net worth individuals in India are pessimistic about the economy over the next three years. Wealthy investors are looking to allocate to more risk-off assets, such as real estate and art. Around 9% of high-net worth individuals in India are looking to increase allocations to cryptocurrencies such as bitcoin or ether; however, nearly half of the respondents said they didn’t know enough about cryptocurrencies to say. Cryptocurrencies ranked fourth in the list of top asset classes to grow in the next three years during a potential economic slowdown. The data was sourced from the Hurun Report, which is a research, media and investments business famous for its wealthy individuals lists.
Read the full article from The Block Crypto here.
Bakkt’s Physically Settled Bitcoin Futures Prepare to Launch September 23, 2019
August 28 – Bakkt, a subsidiary of the Intercontinental Exchange (ICE), recently announced through Twitter that its warehouse will begin to store bitcoin on behalf of its clients on September 6, paving the way for its physically settled daily and monthly bitcoin futures to launch on September 23. While the Chicago Board Options Exchange (CBOE) and CME group had already launched bitcoin futures in the past, the contracts were settled in cash and not physical bitcoin. The movement of real bitcoin between institutional players could help spur demand for bitcoin after the contracts launch on Bakkt’s platform. “Bakkt could be a huge catalyst for institutional participation in the crypto market,” said Fundstrat’s quant strategist Sam Doctor.
Read the full article from CCN here.
3iQ Bitcoin Trust (Class A) : NAV as at August 30, 2019
Underlying cryptoasset prices sourced from Bloomberg.
3iQ Global Cryptoasset Fund (Class A): NAV as at August 30, 2019
Underlying cryptoasset prices sourced from Bloomberg.View charts and more fund data at https://www.theglobeandmail.com/investing/markets/funds/TIQ101.CF/performance/
3iQ Corp. (“3iQ”) is the first Canadian investment fund manager to agree to terms and conditions with the Canadian securities regulatory authorities which permit 3iQ to manage a multi-cryptoasset investment fund available to Canadian accredited investors. 3iQ provides accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.