Deltec Bank & Trust, based in the Bahamas, said during a recent video review that it has a “big position” in bitcoin. The information was provided by their chief investment officer, Hugo Rogers.
Deltec Executive discusses Bitcoin position
Rogers further explained the move:
We bought bitcoin for our customers for about $ 9,300, so that worked really well through 2020. And we expect it to work well in 2021 as the liquidity crisis remains hot.
Earlier this year, Rogers told Bloomberg on what a bitcoin position represents from a strategic point of view:
A small position in Bitcoin can go a long way. There is no alternative in real assets that can show comparable returns. If you still want to diversify your portfolio, this is a good place to go.
The stablecoin issuer Tether is a customer of Deltec. In fact, the relationship between both parties dates back to at least 2018, after Tether released a letter confirming a transaction with the bank.
To clarify the separation between Tether and the bank’s holdings, Stuart Hoegner, general counsel of crypto trading platform Bitfinex and Tether, states, noticed on the matter:
We are aware of recent statements from Deltec Bank & Trust Limited regarding the purchase of digital tokens for and on behalf of their clients. Tether does not outsource decisions about its reserves. Deltec does not purchase digital tokens for and on behalf of Tether.
Private banks, advisors are looking for crypto-related investment opportunities
The bull run of the recent crypto market has sparked the interest of private banks and crypto investment advisers.
German private bank Hauck & Aufhäuser announced that they would launch a crypto investment fund this year. Such a move will allow institutional and semi-institutional investors to invest in digital assets, including bitcoin, ether and stellar.
Also news.Bitcoin.com reported A study found that the number of US financial advisors allocating crypto in their clients’ wallets has risen significantly in 2020.
What do you think about the announcement of Deltec’s bitcoin position? Let us know in the comments below.
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