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Spain’s largest asset management company still reluctant to invest in cryptocurrencies – news bitcoin news

Spain’s largest asset management company still does not believe in cryptocurrency as an asset class, and therefore has no plans to invest in this area. Statements by several spokespersons related to these companies pointed out that despite the huge opportunities in the nascent cryptocurrency field, it is still too young and volatile to invest heavily in it.

Spanish asset managers remain skeptical about crypto

According to several key financial officials, at least for now, Spain’s largest asset management company still does not believe that cryptocurrency is a good investment tool. Although Spanish asset managers are allowed to invest in cryptocurrencies, their initial nature, volatility and regulatory gray areas keep these large sums of money away from them.

Santiago Rubio, director of investment strategy at Caixabank AM, announced that he will not be exposed to cryptocurrencies. Caixabank AM is one of Spain’s largest asset management companies, with assets under custody of more than 70 million euros. Another Spanish giant company BBVA AM also agreed with their position. Jaime Martinez, its global asset allocation manager, said that it is possible to invest in cryptocurrencies in the future, but they have no plans to invest soon. Martinez emphasized:

Ten years later, this will become more normal. Today, we are just beginning to call it another way of taking asset risks. Like everything in life, you have to go step by step. We will not complicate things beyond our control.

Santander AM’s Cristina Rodriguez also explained that cryptocurrencies are not the assets advertised in their quotes and emphasized that they have no plans to invest in these tools. Financial managers who want to invest in cryptocurrencies must update their documents to inform investors of the dangers and variability of these new integrated tools.

Spain’s cryptocurrency is still not big

These statements paint a bright picture for the future of Spanish asset management companies’ crypto investments, but due to their effectiveness for their clients, the Spanish asset managers still have not sold these assets. This is clearly very different from the situation in the United States. In the United States, asset giants such as Blackrock, which manage more than $7 trillion in assets, have indirectly owned exposure to Bitcoin through its 16.3% stake in Microstrategy.

Recently, Blackstone Group CEO Larry Fink said:

The company has monitored the development of crypto assets.We are studying its meaning, infrastructure, regulatory environment

However, these institutions seem to be inclined to make more traditional investments in Spain and require more time to be confident in cryptocurrencies.

What do you think of Spanish asset management companies’ views on cryptocurrencies? Tell us in the comments section below.

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