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Fixed-income manager PIMCO intends to boost its exposure to digital currencies such as Bitcoin after meddling in the asset class with crypto-linked securities. This seems to prove that significant organizations are beginning to embrace the emerging crypto market.

On Wednesday, chief investment officer Daniel Ivascyn told CNBC that PIMCO currently has direct exposure to “crypto-linked securities” via numerous hedge fund portfolios. He stated the company intends to progressively enhance its exposure to the asset class as part of its “trend-following strategies or quant-oriented strategies.” He further described:

“This will be a step-by-step process where we spend a lot of time on the internal diligence side speaking to investors. We’ll take baby steps in an area that’s rapidly growing.”

Established in 1971, PIMCO is among the world’s largest asset managers committed to active fixed-income securities. The company’s assets under management totaled $2.2 trillion as of December 31st, 2020.

The news hit Wednesday as Bitcoin smashed all-time highs over $67,000, and Ethereum reached $4,100 for the first time since May. According to Cointelegraph Markets Pro, the total crypto market capitalization struck a new record high above $2.63 trillion.

Several companies have invested in crypto during 2021, demonstrating the growing mainstream acceptance of digital currencies. A September survey from Nickel Digital Asset Management showed that almost two-thirds of international institutional investors with no exposure to crypto planned to make their 1st investments within a year. On the other hand, institutional capital was the main reason for Asia’s 706% rise in crypto exchanges over the last year, according to information from Chainalysis.

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