The price of Bitcoin has just crossed the $7,000 mark, cheering investors all over the world. There could not have been a better time for Morgan Creek to roll out its new crypto fund — the Digital Asset Index Fund. The company hopes to cash in the rising interest of family offices, pension offices and endowments in the digital currency market and provide better exposure to these institutional investors.
Bitwise Partners With Morgan Creek
Though Bitcoin and the cryptocurrency market at large have been through very tough times this year, hopes of recovery still remain. The two companies will work together on the index fund and bring institutional investors on board. The fund will track a wide variety of crypto assets on a new index — the Morgan Creek Bitwise Digital Asset Index (MCBDAI).
Crypto bull and chief investment officer of Morgan Creek Capital Management Mark Yusko said that pension funds, endowments and family offices are currently seeking investments in digital assets. He also said that Bitcoin’s bearish phase had given investors a “more rational way to evaluate cryptocurrencies.”
He remains bullish on Bitcoin, predicting that the currency will reach a $500,000 mark in the upcoming years.
Are Institutional Investors Jumping In?
Morgan Creek is following in the footsteps of Grayscale, which launched the Digital Large Cap Fund earlier this year. Investment and asset management companies are lining up to provide institutional investors with opportunities to invest in crypto markets. Grayscale claims on its website that its funds provide investors a chance to invest in crypto coins “without the challenges of buying, storing, and safekeeping digital assets.”
Morgan Creek, on the other hand, says that it will store cryptocurrencies offline and utilize third-party custody services to alleviate the risks associated with holding cryptocurrencies.
“We want to be the trusted advisor in the digital world.”
Though Yusko is confident that endowments are interested in investing in digital coins, interest from top institutions like Harvard and Stanford is yet to be noted. Stanford started a blockchain research lab earlier this year, but its willingness to participate in the crypto ecosystem has never been publicly announced.
Morgan Creek Launches Crypto Index Fund With Bitwise Asset Management was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.