Wealthfront, an automated investment service firm, has added support for Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). According to an announcement, the service became the first one to make it possible to gain exposure to cryptocurrency as part of a diversified portfolio with automation features. However, users can allocate only up to 10% of their total portfolio in Grayscale's products.
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"We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs," the company said.
The move comes after Horizon Kinetics, the $7 billion investment firm, allocated approximately 10% of its Paradigm fund's portfolio into GBTC. Peter Doyle, the Co-Founder of Horizon Kinetics, also told the Financial Times in an interview that people should have exposure to bitcoin (EXANTE: Bitcoin) as there is "no turning back after the pandemic."
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