DWS Group, a German fund manager overseeing assets worth $900 billion, is preparing to launch crypto exchange-traded funds (ETFs) for retail investors.
Crypto ETFs are poised to become mainstream, as many reputed fund managers have already filed with the regulators. While a German fund manager prepares to release its crypto ETFs, the team members have different opinions.
Can Bitcoin Justify Its $35,000 Price? DWS Employees Argue Over Crypto ETF
In October 2023, Bitcoin (BTC) reached 15-month highs by hitting the $35,000 price zone. While the market participants decide the price, some believe that the value of crypto is zero.
According to Bloomberg, Bjoern Jesch, DWS Group’s Global Chief Investment Officer, said in an interview:
“One camp of people in my group is saying forget it, the value of crypto is zero, there’s nothing behind it. And there’s this other group of people saying like, hmm, I mean at least there’s a price of $35,000 for Bitcoin. Someone is paying $35,000.”
Read more: Crypto Hedge Funds: What Are They and How Do They Work?
DWS Group is a Deutsche Bank subsidiary and manages around $900 billion worth of funds. In April, it formed a strategic alliance with Galaxy Digital to launch new crypto products across Europe.
Jesch further said:
“The most complex thing is to make a forecast on digital currencies. You do not have that much history. You don’t have collateral, you don’t have an economy, you don’t have a central bank.”
While Jesch may not have a strong conviction about the crypto assets, MicroStrategy co-founder and Bitcoin maximalist Michael Saylor continues to acquire more Bitcoin. On Thursday, he announced that the firm accumulated an additional 155 Bitcoin for $5.3 million in October. Saylor said recently the “next logical step for Bitcoin is to 10x, and then 10x again.”
The firm now holds 158,400 Bitcoin, bought at an average price of $29,874. Saylor Tracker, a website that tracks the Bitcoin portfolio of MicroStrategy based on its public announcement, shows that the firm has an unrealized profit of $894.9 million on its holdings.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
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