Australia’s leading investment company to launch bitcoin futures trading

Australian investment company Pendal Group will begin trading bitcoin futures on the Chicago Mercantile Exchange (CME). The Financial Review reports this.

As of 31 December 2019, Pendal Group Limited had under management A$101.4 billion (about $74 billion). The company’s market capitalisation stood at $2.9 billion.

The decision to launch Bitcoin futures trading, the firm’s head, Vimal Gor, explained, was driven by growing client interest in cryptocurrencies.

According to him, government bonds are losing appeal due to central banks’ quantitative easing policies and may over time become “a dead asset class”.

“We have held gold positions for our clients for many years. Now we are doing the same with Bitcoin,” said the head of Pendal Group.

According to him, cryptocurrencies are being supported by all major players in the hedge funds world.

As an example, Vimal Gor cited Tudor Investment founder Paul Tudor Jones and billionaire Stanley Druckenmiller.

As of November 17, open interest in bitcoin futures on the Chicago Mercantile Exchange approached the $75 billion mark.

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