Bitcoin FOMO is gone, portfolio managers are taking BTC seriously — 3iQ CEO
As the hype around Bitcoin (BTC) has faded, institutional investors and portfolio managers have begun looking at the major cryptocurrency as a "serious venue" to invest in, claims Fred Pye, CEO of 3iQ, Canada's first Bitcoin fund issuer.
In an interview with Cointelegraph during the Bitcoin 2023, Pye spoke about Canada's advanced regulation for crypto trading, and how it has been drawing investors to the digital assets market.
According to Pye, fund managers and institutional investors running diversified portfolio assets are looking for alternative investment strategies amid a global inflationary environment and macroeconomic challenges.
It is not just about maximizing profits, says Pye. For institutional investors, crypto use cases will be a growing trend in the next few years. "The theme for 2024 going forward is definitely use cases. So, we've got this beautiful technology, now let's put that beautiful technology to work," he stated.
Regulatory challenges for institutional adoption have been around for a while, but Canada has notably taken the lead on launching crypto ETFs in North America, given the U.S. Securities and Exchange Commission's reservations towards the crypto space.
Related: Crypto adoption is booming, but not in the US or Europe — Bitcoin Builders 2023
ETF refers to the exchange-traded fund that is a portfolio of assets whose shares are traded on a stock market. They blend the characteristics and potential benefits of mutual funds, stocks and bonds.
Canadian regulators have approved several crypto ETFs in the past years, including Bitcoin and Ether (ETH) products from 3iQ, Purpose Investments and Evolve Funds Group, attracting millions of dollars to their crypto products.
"They've never been
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