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Bitcoin investment continues to surge with the announcement of Coin Capital Management’s Bitcoin-focused hedge fund.
Bitcoininvestment continues to surge with the announcement of Coin Capital Management’s Bitcoin-focused hedge fund.
Samuel Cahn, managingpartner along with brothers Sigmund and Drew Sommer, told Coinreport, “We are fullydedicated to holding Bitcoin, and we are the first ones to do so in aninstitutional grade hedge fund using the same types of checks and balances thatinvestors have come to expect.”
Simple yet confident
Cahn is a practicingattorney while his partners bring extensive knowledge of Bitcoin to theinitiative, from trading, investing and mining. “We really are on the cusp of consumer adoption,” he said, citing Overstock.com’smove to accept Bitcoin, an international retailer whose CEO is due to give the keynote speech at this week’s Bitcoin2014 conference inAmsterdam.
The fund itself, according to Finalternatives.com, will be based on “good old-fashioned supply and demand,”with its value increasing as demand for Bitcoin increases.
Coin Capital has evenadopted multi-signature technology for increased security, a move previouslyseen by a number of new Bitcoin exchanges such as Coinfloor to engender consumer confidence in the wake ofothers’ much-publicized meltdowns earlier this year.
Cahn’s words regardingconsumer adoption are especially significant, showing significant confidence onthe part of investors in Bitcoin’s potential. Just last week, Bloomberg announced its listing of Bitcoin alongside traditionalcurrencies on its terminals, and Fortress Investment Group CIO MichaelNovogratz spoke of his interest and investment in the currency on Bloomberg.
The trend is certainlyupward, and with Coin Capital’s use of such big players as KPMG as its auditor,Bitcoin is certainly rubbing shoulders with the lynchpins of the financeindustry.
“We are pretty excited about Bitcoin,” Cahn continued, “…it is an exciting payment technology.”
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