Litecoin has been gaining an increasing amount of attention, especially in the East. It’s price has been increasing quite consistently over the month November. It’s not unlikely that it may breach the $90 threshold by years’ end.
Truth is, there’s a lot of bitcoin and Ethereum favoritism in social media and news outlets. Thus, our little Litecoin is commonly overshadowed.
Think of bitcoin as gold and Litecoin as silver.
While its undoubtable that bitcoins are the cryptocurrency equivalent of gold, Litecoin is designed to be the cash equivalent to gold.
Why? Because the price of the Litecoin is sort of pegged to the price of a bitcoin. It’s kind of how the dollar is pegged to real-world events or even metals.
Well, a mutual fund in Europe is being set up with the purpose of pursuing Litecoins.
French Bank to be the First to Offer Cryptocurrency Asset Management.
Tobam, which is a French asset management company is launching the first-ever crypto mutual fund in Europe. Quite interesting, considering that most of the financial markets big players have been somewhat skeptical towards cryptocurrencies since their conception.
Tobam declaring support for crypto might provide the industry with a massive push towards public acceptance and reduced volatility.
I’m certain that a plethora of other investment funds and portfolio managers will slowly start transitioning into the crypto sector.
Why wouldn’t they? If financial aficionado’s play their cards right in this wild beast of a market, they could enjoy some astronomical gains.
More will follow after Tobam, intent has already been declared.
As it currently stands, Tobam is the first investment bank in Europe that will offer it’s clients the opportunity to take part in the crypto industry. But, in a professional and relatively controlled manner.
This, combined with recent news about JPMorgan possibly pursuing bitcoin futures, and the CME group adding the digital asset to their trading platform. Well, the crypto industry will explode.
Diversify your assets.
It’s no secret that the price of a bitcoin smashed through $8,000. Because of recent news and developments. However, this does not mean that your focus should be completely diverted from other prospective cryptocurrencies.
Because if you devote all of your attention to the bitcoin, you might be running the risk of missing out on some serious gains.