Renaissance Technologies with an eye on the future of Bitcoin
The powerful American hedge fund Renaissance Technologies plans to start Futures contracts on Bitcoin.
Look at the quantitative hedge fund the most successful in history, Renaissance Technologies Today, more than $ 75 billion is managed.
After a note published by the Dry the fund opens from the United States Investment in cryptocurrency and can start to include soon Bitcoin futures.
The Medallion fund are authorized to conclude futures on Bitcoin, ”Can be read in the document.
To Renaissance, the Bitcoin futures include however much more risk as traditional financial instruments.
The hedge fund cites in particular the lack of legal tender, which is strong volatility Prices and the risks of Scam and manipulation. He intends to limit his crypto investments to Bitcoin futures settled in cash and traded on Chicago Stock Exchange (CME).
One of these factors could significantly and adversely affect the value of the fund’s investments, “said Renaissance.
It is not clear whether the company has already signed contracts at this point.
Launched in 2017, the CME Bitcoin futures are settled in cash and allow investors to speculate without having to hold digital coins. It is not clear whether the company has already signed contracts at this point.
Also read: CME launches options for Bitcoin futures
Last week, Renaissance made the headlines from the financial press after the strong performance of its main fund of $ 10 billion with growth of + 24% in the past 12 months.
The arrival of the American hedge fund in the Bitcoin futures follows the recent increase in open positions in CMEThis corresponds to an increase of + 70% compared to the previous month.
Also read: First Bitcoin fund listed on the Toronto Stock Exchange