A new investment fund opened in New Zealand to allow investors to add the popular cryptocurrency Bitcoin to their portfolio. Without needing to commit to full, direct ownership, investors will be able to access digital assets like cryptocurrencies without the risk.
The Vault International Bitcoin Fund is the first in New Zealand. “Our focus at Vault is to provide simple, smart, and trusted access to investors looking for long-term well-structured exposure to digital assets such as bitcoin,” Vault Digital Funds co-founder and chief executive Vinnie Gardiner said.
The introduction of this fund can mean everyday investors will be able to have an easier time buying cryptocurrencies. The price of Bitcoin has risen to $74,000 per coin early October and can continue to see growth if the market becomes more open to the general public. Widespread adoption is the purpose of Bitcoin as a decentralised currency and now the gates to ownership are wide open to New Zealand citizens.
The fund is meant to remove tax requirements that come with direct ownership of Bitcoin, at a fee of 5 percent of income on dividends. Large corporations are taking Bitcoin and cryptocurrencies seriously, including the likes of JPMorgan Chase & Co, a banking giant that also considered a similar fund to private clients.
The option now is there for investors to consider trading through the investment fund, although is it still important to consider traditional ownership methods.
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