• In the current subdued climate surrounding Bitcoin, institutional investors and fund managers are starting to regard cryptocurrency as a viable investment channel, suggests Fred Pye, CEO of 3iQ, the first Bitcoin fund issuer in Canada.
  • Speaking at the Bitcoin 2023 conference, Pye attributed this shift to Canada's progressive crypto trading regulations, which have made the digital assets market more accessible.
  • Amid global inflationary pressures and macroeconomic instability, portfolio managers are seeking out alternative investment strategies, with Bitcoin now being seriously considered.
  • Pye believes that beyond profit maximization, the real future trend for institutional investors lies in crypto use cases.

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• Canada is spearheading the way in crypto ETFs (exchange-traded funds) amidst the hesitant approach of the United States Securities and Exchange Commission towards the sector.
  • The Canadian regulators' endorsement of several crypto ETFs, including Bitcoin and Ether, from companies like 3iQ, Purpose Investments, and Evolve Funds Group, has drawn significant capital to these crypto products. Pye equated running a Bitcoin ETF to managing a gold ETF and emphasized that they only acquire 'clean' Bitcoin.
  • As Canada pushes forward with its digital assets strategy, public consultation is underway concerning a potential central bank digital currency, with the results expected later this year.

Fred Pye, 3iQ:

“The FOMO in Bitcoin is gone; it’s all moved over to AI [artificial intelligence]. So now the institutions and the proper portfolio managers — the people that are responsible for running diversified portfolios — are now starting to take a look at Bitcoin as a serious venue.“

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