By: Mike Hammer
You knew it was going to happen, now it’s official gold news. Old Mutual Gold & Silver Fund, dedicated to its namesakes, decided to start buying Bitcoin back in April.
Now they’re up to $11 million in Bitcoin holdings, or about 5% of the fund. Since many people see Bitcoin as a store of value – similar to gold’s traditional role – this isn’t completely unexpected. The big question is how many other similar funds will make a similar decision and stretch into the crypto-currency realm? You can read about Old Mutual’s moves here. Many see Bitcoin as a trade like a penny stock – buy it now and hope the price keeps shooting up.
What do you think? Should gold funds should be buying cryptocurrency? Sound off in the comments below.