$2.2 Trillion asset manager PIMCO plans to buy more crypto

Since the united states securities and exchange commission (SEC) approved Bitcoin ETF, price of Bitcoin and Altcoins have skyrocketed, and so many institutional now have theirs eye's on bitcoin and Altcoins.

PIMCO (Pacific Investment Management Company, LLC) is a global investment management firm focusing on active fixed income management. That manages investments asset classes such as ETFs, hedge funds, and private equity. It is one of the largest investment managers, actively managing more than $2.21 trillion in assets, as of Dec. 31, 2020.

PIMCO plans on increasing it's exposure to cryptocurrency, which shows that major institutions are starting to embrace the emerging asset class (crypto). In a recent new report, the chief investment officer Daniel Ivascyn confirmed that PIMCO already has exposure to “crypto-linked securities” through various hedge fund portfolios. He said the firm plans to gradually increase its exposure to the asset class as part of its “trend-following strategies or quant-oriented strategies.” He further explained:

“This will be a gradual process where we spent a lot of time on the internal diligence side speaking to investors. And we’ll take baby steps in an area that’s rapidly growing.”

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yesterday bitcoin hit a new all time high of $67k, which was a huge pump from the previous week's highs, ethereum also pumped, and is now above $4k, so many other Altcoins pumped hard also. October has been awesome the crypto market so far and I can't wait to see how No Dip November will affect the market, then comes December which has been known to be the most favorable time for Bitcoin and all crypto, in history Q4 has always been a bullish season for crypto. Before I forget the Total Market Cap for cryptocurrency also hit a new all time high above $2.63 trillion.

Institutions have been piling into crypto investments for much of 2021, reflecting the growing mainstream acceptance of digital assets. A September survey from European investment manager Nickel Digital Asset Management revealed that nearly two-thirds, or 62%, of global institutional investors with zero exposure to crypto planned to make their first investments within 12 months. Meanwhile, institutional capital was the major driving force behind Asia’s 706% surge in crypto transactions over the past year, according to data from Chainalysis. Source

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