While the crypto space has been around for over a decade, William Stromberg, CEO of the leading investment management company T. Rowe Price, believes the asset class is still finding its offshore feet.
“These are the first days,” Stromberg said in an interview with the Baltimore Business Journal when asked if “T-Row Price will start investing in cryptocurrencies.”
“We have been researching this topic,” the CEO added. “Some companies, and very few of them, have tried to combine products where one can buy and own currency linked to cryptocurrency.”
So far, a crypto-free strategy is working with Stromberg. The first quarter of this year was a big deal for T. Rowe Price. According to a Baltimore Business Journal article, the company sold $ 1.52 trillion in assets, and profits grew more than 100%.
There are several ways to invest directly in cryptocurrencies. There are also more and more opportunities to access cryptocurrencies through traditional financial products, although the possibilities are not so different, as opposed to direct interaction with specific cryptocurrencies.
The Chicago Mercantile Exchange (CME) offers Bitcoin (BTC) futures and trading options, as well as Ethereum (ETH) futures contracts, for example. Among other cryptocurrency investment portals, Grayscale also offers many of the dominant tools for cryptocurrency investing.
“It’s very early and early here, so I expect this to develop at a good pace, but it will take years,” Stromberg added in response to a question from the Baltimore Business Journal.
Stromberg’s comments on cryptocurrencies came after the CEO discussed the general economic outlook for the US markets, which he sees in a positive future. “We are very optimistic about the economy and its growth when it opens and expands after reopening,” he told the Baltimore Business Journal.
While the cryptocurrency as a whole is not technically linked to a particular region or government, it can be said that certain events based on the fall in prices that Bitcoin experienced in March 2020 due to COVID-19 fears may affect the price movement, but there are some disagreements about this. .