The London-listed Man Group has “made money” from the volatility gripping cryptocurrency markets even though it held a house view that crypto assets had no intrinsic value.
London Stock Exchange-listed hedge fund manager Man Group says cryptocurrencies are “purely speculative” assets with no intrinsic value, echoing a common refrain of crypto critics despite the manager itself being an active trader of the controversial digital tokens.
on a visit to Sydney late last yearthat coincided with the shock collapse of global crypto exchange FTX. The comments are at odds with the fashionable convention among business executives to extol the virtues of the blockchain, while condemning the speculative nature of spot markets for crypto tokens.
“If you trade cryptocurrencies in a ‘hot wallet’, you are not trading cryptocurrencies, you’re not trading on the blockchain – what you’re trading is a delta one derivative with a counter-party,” he said. .“Now, that’s OK. I like derivatives – I built my career on them – but you have to understand the counter-party risk.
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