Bitcoin investment continues to surge with the announcement of Coin Capital Management’s Bitcoin-focused hedge fund.
Samuel Cahn, managing partner along with brothers Sigmund and Drew Sommer, told Coinreport, “We are fully dedicated to holding Bitcoin, and we are the first ones to do so in an institutional grade hedge fund using the same types of checks and balances that investors have come to expect.”
Simple yet confident
Cahn is a practicing attorney while his partners bring extensive knowledge of Bitcoin to the initiative, from trading, investing and mining. “We really are on the cusp of consumer adoption,” he said, citing Overstock.com’s move to accept Bitcoin, an international retailer whose CEO is due to give the keynote speech at this week’s Bitcoin2014 conference in Amsterdam.
The fund itself, according to Finalternatives.com, will be based on “good old-fashioned supply and demand,” with its value increasing as demand for Bitcoin increases.
Coin Capital has even adopted multi-signature technology for increased security, a move previously seen by a number of new Bitcoin exchanges such as Coinfloor to engender consumer confidence in the wake of others’ much-publicized meltdowns earlier this year.
Cahn’s words regarding consumer adoption are especially significant, showing significant confidence on the part of investors in Bitcoin’s potential. Just last week, Bloomberg announced its listing of Bitcoin alongside traditional currencies on its terminals, and Fortress Investment Group CIO Michael Novogratz spoke of his interest and investment in the currency on Bloomberg.
The trend is certainly upward, and with Coin Capital’s use of such big players as KPMG as its auditor, Bitcoin is certainly rubbing shoulders with the lynchpins of the finance industry.
“We are pretty excited about Bitcoin,” Cahn continued, “…it is an exciting payment technology.”