Bitcoin fund sees record returns 29 October 2015Jersey Reporter: Stephanie Palmer
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The Jersey-based Global Advisors Bitcoin Investment Fund returned 20 percent in October, marking the best monthly performance on record since it launched in September 2014.
The fund outperformed the dollar-bitcoin benchmark price and saw lower annualised volatility, and claims to have achieved this through avoiding both the British pound and US dollar markets during weak periods. It is now fully invested.
According to the fund, the strong performance is partly down to the Jersey Financial Services Commission and the States of Jersey introducing a draft legislation to permit and promote business in bitcoin and using blockchain technology.
Global Advisors was part of a consultation group involved in developing the legislation. The draft has been in the pipeline for 18 months, and is expected to be set in to law in Q1 2016.
The fund also cited a ruling from the court of the European Union exempting bitcoin from VAT and the coming to a close of the legal proceedings involving bitcoin and the ‘darknet’ market, Silk Road, as factors leading to increased bitcoin investment.
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