Bitcoin Price Tops $3,800, Ethereum and XRP Surge As Cambridge Associates Advises Institutional Investors to Buy Crypto
Institutional consultancy firm Cambridge Associates says it’s time for institutional investors to buy cryptocurrency.
Cambridge, a consultant for pensions and endowments, says the fundamentals are strong. It recommends investors take “a considerable amount of time learning about the space” before jumping in, reports Bloomberg.
“Despite the challenges, we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term. Though these investments entail a high degree of risk, some may very well upend the digital world.
The dramatic declines that swept across the crypto space raised questions about the future of these assets and the blockchain technology that underpins them. Yet, in looking across the investment landscape, we see an industry that is developing, not faltering.”
The crypto markets are on the rise, with Bitcoin up more than 5% in the last 24 hours at $3,826, according to the price tracker Coin360 at time of publishing. Ethereum is up 13% at $143, and XRP is up 5% at $0.317. The overall market cap of all cryptocurrencies is up $7.7 billion in the last 24 hours, from $121.7 billion to $129.4 billion on CoinMarketCap.
Last week, crypto investment firm Morgan Creek Digital revealed it has started a new fund that’s already raised $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.
The fund will invest in companies focused on building blockchain solutions and hold a small percentage in cryptocurrencies like Bitcoin.