The largest Spanish asset managers are still not convinced about cryptocurrency as an asset class, and therefore have no plans to invest in the space yet. The announcement by several spokespersons associated with these companies stated that, while there is a significant opportunity in the nascent cryptocurrency sector, it is still too small and volatile to make significant investments behind it.
Spanish asset managers are still skeptical about crypto
Spain still has the largest property manager Not convincing According to the statements of several leading finance officials, crypto is a good investment vehicle, at least for now. Although asset managers in Spain are allowed to invest in cryptocurrencies, their initial nature, gray areas of volatility and deregulation keep these large funds away from them.
The investment strategy director of Caixabank AM, Santiago Rubio, has announced that they will not touch cryptocurrency. Caixabank AM is one of the largest asset managers in Spain with over 70 million euros in custody. His stance is shared by another Spanish giant BBVA AM. Its global asset allocation manager, Jaime Martinez, said it was likely to invest in cryptocurrency in the future, but they had no plans to do it soon. Martinez emphasized:
In 10 years it will be a lot more common, today we are starting it, it says that, in a different way of risk of property and like everything in life, you have to walk step by step. We are not going to complicate our customers with things that we do not control well.
Christina Rodriguez of Santander AM also explained that cryptocurrency was not the property promoted in her proposal, insisting that she had no plans to invest in these vehicles. Finance managers who want to invest in crypto will have to update their documents to advise investors about the dangers and volatility of these new integrated tools.
Crypto Still Not Big in Spain
These statements present a clear picture for the future of crypto investment by Spanish asset managers, who are still not sold on their legitimacy as potentially interesting to their customers. This is obviously very different from what is happening in the US, where property giants prefer black Rock, Which manages more than $ 9 trillion, is already an indirect risk to bitcoin through ownership of its 18.3% stake in MicroStrategy.
And more recently, Blackrock CEO Larry Fink, Having said:
The firm has overseen the development of crypto assets. We are studying what it means, infrastructure, regulatory scenario
However, these institutions tend to lean towards more traditional investments in Spain, and they will take a little longer to be convinced in crypto.
What do you think about the opinion of Spanish asset managers on cryptocurrency? Tell us in the comments section below.
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