One of the largest hedge funds in the world is ready to add bitcoin to its 'investment universe'
- Man Group, a UK-based investment management firm, said it would include bitcoin in its "investment universe" if bitcoin futures successfully launch.
- CME, the world's largest exchange group, said it would launch a bitcoin futures product by year-end.
- Such a product could open the door to more traditional Wall Street firms entering the bitcoin market.
One of the largest hedge funds in the world might hop on the bitcoin trade.
Luke Ellis, the CEO of Man Group, the UK-based investor with $95 billion in funds under management, said the firm would include bitcoin in its "investment universe" if bitcoin futures successfully launch, according to a tweet by Reuters.
CME announced at the end of October that it would launch a bitcoin futures product by year-end. On Monday, CME chairman and CEO Terry Duffy said such a product would likely be ready by the second-week of December.
The launch of bitcoin futures by an established exchange is likely to to open the door to wider participation in bitcoin trading by other Wall Street firms since such firms are already plugged into their systems for other products. It will also likely dampen volatility for the coin, which is known for its wild price swings.