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Bitcoin Not a Long-Term Allocation, Says Man Group CEO
Luke Ellis, CEO of U.K. hedge fund Man Group, sees bitcoin (BTC, +1.09%) as a trading instrument rather than a long-term asset allocation. Appearing on CNBC's Squawk Box on Friday, Ellis revealed that he had "dabbled" in bitcoin but sees himself as a trader rather than a HODler. "I see it as a trading instrument, so we trade around it and try to provide some liquidity into the market," he told CNBC's Andrew Ross Sorkin. Ellis also said that he did not think it was necessary for companies to hold bitcoin on their balance sheet, describing this as "confusing" considering the business use case relative to the inherent ... (full story)
