Bitcoin (EXANTE: Bitcoin) is hardly a good diversifier for the investment portfolio as it falls every time when equities sell off, Jason Pride, Chief Investment Officer at Glenmede, told the Financial Times. Pride also added that the volatility of the cryptocurrency market is "stratospherically high."
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"Our stance with clients is the 10-foot pole rule: stay away from it. I do not think the Fed and other regulators are fans of the current market structure for cryptocurrencies," Price noted.
Menawhile, analysts at UBS Wealth Management say they expect more"stringent policy and regulatory controls" for the cryptocurrency space as it becomes "more mainstream." The company's statements come after Elon Musk denied rumors that Tesla has already sold all of its reserves in bitcoin.
As iHodl earlier reported, Musk criticized the leading cryptocurrency by market capitalization and responded with the word "indeed" in a post in which a user suggested Tesla intended to announce the sale of all its bitcoins in the next quarter.
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