CPP Investment: The Crypto Industry Has Not Yet Matured for Investment
November 23, 2017
Head of the Canadian investment fund CPP Investment Board Mark Machin, believes that Bitcoin and the blockchain space "are not mature for investing in them yet." However, he also noted that the fund shows its interest in these technologies.
"We are following their development, but I do not think that they are already mature for institutional investment. Now they are at their initial period, and there will be many recessions," Machin said.
He pointed out that many investors believe in the potential of blockcain technology and consider it valuable for institutions that conduct a great number of small transactions. However, according to Machin, their position on Bitcoin and other cryptocurrencies is rather ambiguous.
"As for digital currencies, in my opinion, it is too early to assume whether they are a substitute for gold or not. But they definitely deserve paying attention to," Machin added.
Also, head of the CPPIB mentioned that among the opinions of well-known financial figures regarding the cryptocurrencies, he is closest to the position of head of Goldman Sachs Group Lloyd Blankfein. Earlier Blankfein, unlike most of his colleagues, declared his sympathy for the idea of the cryptocurrency.
Not so long ago it was revealed that the CPP Investment Board and a group of banks, including Goldman Sachs and JPMorgan, had completed six-month studies of the startup Axoni's blockchain project for swap transactions in the stock market.