Fund managers steer clear of Bitcoin despite surging prices

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Australian fund managers are yet to be sold on digital currency Bitcoin as a legitimate investment class despite its soaring price and increasing popularity among Australians.Bitcoin, the world’s most popular cryptocurrency, cracked $US20,000 ($26,350) for the first time in its history on Wednesday, eclipsing its massive run in 2017 which saw it fall just shy of the notable milestone. The price has since continued to rise, with Bitcoin trading at $US21,780 ($28,700) on Thursday afternoon as more retail and institutional investors jump on board.The currency has been firmly on the radar of traditional investors this year. However, many Australian fund managers remain sceptical of the nascent asset class, viewing Bitcoin as a gamble compared to traditional equities.Geoff Wilson, chairman and founder of $3.5 billion fund Wilson Asset Management, told The Age and The Sydney Morning Herald while he believed Bitcoin’s underlying blockchain technology could be the future of payment systems,…

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