The manager of a traditional hedge fund has revealed why he now holds Bitcoin in his personal portfolio.
Andrew MacIntosh, the Managing Partner of Glenorchy Capital, has rarely spoken about cryptocurrencies in the past because his fund doesn’t hold them for clients.
He says this is because the only way a fund can hold such assets is on exchanges or exchange trade products.
“That refutes the entire reason that I would own it,” MacIntosh said. “One of the main reasons you’d want to own Bitcoin is that you can self-custody it. You can own it off-exchange. You are your own bank.”
Why Chris MacIntosh owns Bitcoin
So while Glenorchy Capital doesn’t hold Bitcoin, MacIntosh says he self-custody’s an amount of the world’s largest digital currency.
“The only crypto that I’ll own is Bitcoin, frankly,” he said.
“Bitcoin is interesting to me. I think personally it’s something that I want to have exposure to.
“I want to own it because I want something outside of the financial system that I don’t have to rely on any custodians or anyone else to own it. It’s akin to owning gold and sticking those bars in your safe.”
Bitcoin boom ahead?
Bitcoin has risen in price by 125% over the past 12 months to be trading at $37,416 at the time of publication.
However, MacIntosh, who also runs the investing newsletter Capitalist Exploits, says he doesn’t get caught up in hype around price movements and isn’t necessarily bullish on Bitcoin at this point in time.
“We’ve got the halvening coming up, typically that has coincided with a rally in the price,” he said.
“But I wouldn’t own it for the speculation in the price so much as I would own it for having something outside the financial system that is still digital that I can transfer assets around the world with.
“That to me has a utility value.”
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