Pimco, the $2.21 trillion investment manager, started exploring crypto. According to CIO Daniel Ivascyn, Pimco will gradually make the cryptocurrency instrument a part of their investment strategy. Detail cryptocoin.com‘in.
According to a report by CNBC, global investment management firm Pimco plans to start investing in crypto. During CNBC’s Delivering Alpha conference, Daniel Ivascyn, Pimco’s chief investment officer, said the $2.21 trillion investment management firm is looking to gradually integrate crypto into its business: “Now, we are using certain cryptocurrencies as part of our trend-following strategies or quantity-driven strategies. We potentially address the transaction, then we do more work on the fundamental side.” Several hedge fund portfolios of the fixed-income giant have already turned to investing in crypto-backed securities.
Ivascyn claims that decentralized finance is a disruptive force that could threaten Pimco’s business. Therefore, leading asset managers have to adapt to the new environment. In December, Pimco’s market strategist Tony Crescenzi said that Bitcoin is not money.
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