Horizon Kinetics, the $7 billion investment firm, has allocated approximately 10% of its Paradigm fund's portfolio into Grayscale's Bitcoin Trust (GBTC), the Financial Times has learned. Peter Doyle, the Co-Founder of Horizon Kinetics, believes people should have exposure to bitcoin (EXANTE: Bitcoin) as there is "no turning back after the pandemic."
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"There is no turning back after the pandemic and globally there is a debt problem and it means either default or currency debasement," Doyle said.
Doyle added that historically, the best long-term investors tend to have concentrated portfolios. Moreover, these investors also have low turnover in holdings as they let the companies they own grow and compound returns, he noted.
iHodl reported that Grayscale Investments recently partnered with BNY Mellon as an asset servicing provider for its GBTC. The New York-based holding company will provide Grayscale with fund accounting and administration starting from October 1, 2021, the company said. Grayscale emphasized that BNY Mellon will also provide transfer agency and services related to an exchange traded fund for GBTC.
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