So based on this article, DnB, Norway´s largest bank, is considering setting up a Crypto fund.
The head of DnB Asset Management is openly discussing this in this article. He compares Bitcoin to gold, given that there is a "limit to the supply" of Bitcoin.
Anyone that understands anything about Crypto and numbers understands this is just BS. Bitcoin has no inherent value and there is no inherent limitation to the number of Bitcoins, as you just use fractions.
DnB has been sued before for selling fraudulent products. I hope they will not be so stupid to now sell much more fraudulent products.
https://e24.no/boers-og-finans/i/alkowd/dnb-vurderer-aa-starte-kryptofond
@jon never I will invest in crypto.
@jon, Tulips
@jon I would not want to trust a bank with my money if the head of the asset management compares bitcoins to something with real value like gold. More and more people loosing their ability for rational thinking and it worries me every day more
@jon The fact that they are thinking about this now says a lot! tulips, just like @Catweazle said.
@jon What is the inherent value of USD? What is the smallest possible fraction of 1 USD? There is plenty to criticize about cryptocurrency, but these are hardly convincing.
@jon If bits are as valuable as gold we are all billionaires. Because we all own billions of bits.
I really thought we where seeing Crypto cool and then came the broligarchy.
@jon I have worked for a bank in IT for more than 10 years. I got to know investment banking. I know that these guys are often players. And if they think they can make money with crypto, they'll do it. There are enough guys ouside with a lot of money for investing. And they are gamers too.
@jon I'd say that the value of a currency is what you can exchange it for. It used to be gold. The US$ is backed by oil. If you want to buy oil, you need dollars.
Bitcoin was originally backed by drugs and illegal or restricted merchandise.
So the big question that should be asked is: What can be bought for Bitcoins?