Luke Ellis takes Bitcoin as a trading tool and does not consider it as a true futuristic asset, in the long run, notifying other companies to watch out against holding the BTC.
The chief executive officer of the world’s largest hedge fund company, Mr. Luke Ellis has recently said in an interview with CNBC that although he has doubled his Bitcoin assets, still he takes it, not more than a trading tool. He also said that the speculative nature of the top digital asset cannot be taken as a business in the long run and he doesn’t think that the other companies should substitute it to balance the real cash.
Ellis has unveiled that he has doubled his Bitcoin assets, however, unlike the other big companies and organizations that have put a huge amount of their wealth in the leading cryptocurrency, he does not think that Bitcoin can lead the world’s economy and businesses. In short, he does not consider Bitcoin as a long-term futuristic asset for the business.
Bitcoin is a Trading Instrument
He has recognized Bitcoin as a crypto asset that is not more than just an instrument, for the sake of trading for him. He said that his company trades with digital assets like BTC and other cryptocurrencies just to get the benefit, and to provide liquidity to the global market.
When a reporter asked the CEO of Man group about those companies such as MicroStrategy, Square, and Tesla, who have accumulated and reserved a large number of BTC in their balance sheets, Ellis did not look too excited and enthusiastic about holding BTC by the business tycoons.
He said that he does not think that the companies should substitute and balance their cash with volatile and speculative digital currencies like Bitcoin; rather, the companies should assemble the things or whatever their business is about. He also said that he does not think, they need to rely on an asset like Bitcoin to run their businesses.
Ellis, however, believes that business organizations should allow their customers to sell their goods in exchange for Bitcoin.
Currently, Bitcoin is trading at $56,420 after a decrease of 1.32% in the previous 24-hours.