Should cryptocurrencies be authorised for inclusion in Irish investment funds? Photograph: Karen Bleier/AFP via GettyThe State’s funds sector, home to investment pots holding €4 trillion of assets for global investors as of the end of 2021, has had plenty to deal with in recent months as equity and bond markets have taken a hammering. But that hasn’t stopped the industry from plotting to add a little more spice to your average investment fund.
The Irish Funds document argues that the regulator’s reluctance to allow funds aimed at retail investors to invest in crypto is leaving crypto-curious small guys to fend for themselves. “They are typically investing in crypto assets directly through crypto exchanges and rely on wallets for safekeeping of their crypto assets,” it said. “However, these entities are not subject to the same rigours, standards, and supports as the investment funds offering managed exposure to qualified investors.
Bitcoin’s creation in 2008 is said to have been a reaction to the financial crisis and a history of central banks reducing the value of fiat currencies by printing money. But there’s no getting away from the fact that the almost 14-fold surge in the price of bitcoin between the start of the Covid-19 crisis in March 2020 to its peak late last year was turbocharged by the trillions of dollars that central banks pumped into the financial system in response to the pandemic.
A Competition and Consumer Protection Commission survey published last September, at the height of crypto mania, suggested that 11 per cent of adults in the Republic that had investments were holding some kind of crypto in the digital purse. The figure was one in four in the case of millennials aged between 25-34.
Cryptos are said to be Ponzi schemes because the only money ever made from them is taken from others in the 'scheme'. This is unfair as Ponzis try to portray themselves as true investment vehicles. Cryptos are Ponzis without any pretence of any actual underlying investment.
Lmfao 😂😂😂
Wish the Irish Times was as concerned with the cartel-like fees charged by pension providers here.
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