Billion-dollar wealth management company, Gerber Kawasaki, will start buying Bitcoin for its clients, according to its CEO.
Kawasaki Crypto & BTC
Bitcoin has gained another institutional adopter. The global wealth management company, Gerber Kawasaki, revealed today its plans to start investing in the cryptocurrency space on behalf of its clients.
In an interview, the company’s chief executive officer (CEO), Ross Gerber, said the company was making a move to take advantage of the huge opportunity cryptocurrencies present.
“If I don’t offer this to my clients, in essence, I’m taking away an opportunity that could be incredibly lucrative…”Ross Gerber – Chief Executive Officer, Gerber Kawasaki
Gerber went on to say he is willing to go through the “headache” of investing in crypto, finding it similar to the niche stocks the company already invests in.
“Just like how I go out of my way to buy these annoyingly difficult stocks to buy like cannabis right now, that trade in Canada, and I have to deal with all this crap just to buy a stock. But I know the opportunity of these companies, so I go through the headache to do it, just like I’m going through the headache now to launch a program for crypto.”Ross Gerber – Chief Executive Officer, Gerber Kawasaki
Cannabis And Negative Sentiment
Indeed, the eccentric CEO is known for making moves in the cannabis stock space, as well as being an investor in Tesla. On the negative sentiment that crypto could bring, Gerber said:
“I’m in cannabis, I’m in Tesla, so I’m used to negative sentiment”Ross Gerber – Chief Executive Officer, Gerber Kawasaki
“So, gold isn’t as volatile, because it has a 5,000-year experience of having so many people own gold… But this is like Year 10 for Bitcoin.”Ross Gerber – Chief Executive Officer, Gerber Kawasaki
Ross Gerber and Danilo Kawasaki launched Gerber Kawasaki in 2010, in the wake of the financial crisis. Eleven years later, the firm has over $1.8 billion in Assets Under Management (AUM), service over 7,000 clients worldwide.
Institutions, Institutions, Institutions
Indeed, Gerber Kawasaki is not the only institutional player revealing plans to enter the cryptocurrency market this week.
Norwegian oil giant, Aker, which owns several outfits in the oil industry, announced a crypto-investment arm called Seetee yesterday. According to the announcement, Seetee will invest in projects and companies throughout the cryptocurrency ecosystem.
Moreover, the revelation accompanied a partnership announcement with Blockstream, a blockchain solutions company for businesses. According to Aker, collaboration is mostly a learning and capability developing exercise.
As both Kawasaki and Aker make their belated crypto-moves, the cryptocurrency market is recovering. BTC once again sees its market capitalization top $1 trillion as it soars above $54,000.
The market’s second-in-command, Ethereum (ETH), is also gaining traction, topping $1,800 for the first time this month.
If this wave of institutional money continues to enter the space, the market can only expect new highs. Watch this space.