Derivatives allow some financial constructions that would be unthinkable with funds. Now private investors can speculate on bitcoins for the first time, without actually having the virtual currency.
The Swiss private bank Vontobel is issuing the first certificate to the virtual currency Bitcoin. The securities will be traded on the Frankfurt and Stuttgart stock exchange next Monday and can also be purchased via banks and online brokers, the institute announced on Friday. The participation certificate with maturity until July 16, 2018 allows subscribers to develop the exchange rate between US dollars and Bitcoin shares. Investors also bear the risk of a depreciation of the US dollar against the euro and the issuer risk.
Vontobel refers to the study “Bitcoin: Ringing the Bell for a New Asset Class” published in June, according to which the crypt diet showed the characteristics of a unique asset class. This is the least correlated asset compared to traditional asset classes. It is therefore becoming more and more frequently discussed how Bitcoin will become the new so-called “safe haven” asset class and could replace or even replace gold as a “safe haven”.