31 May '17, 5pm

Wild swings, lack of liquidity keeping U.S. funds out of bitcoin

NEW YORK A lack of liquidity is keeping U.S.-based mutual fund managers from investing in bitcoin even as the digital currency hits record highs. Only four out of the more than 10,000 mutual funds based in the United States have bitcoin as part of their portfolios, according to data from Morningstar Inc. Of those four, three are from the same New York-based firm, Kinetics, which collectively manages $1.2 billion in total assets. The company declined a request to comment for this story. The value of bitcoin has more than doubled this year in volatile trading as retail investors in Japan and South Korea have piled into the digital currency. Bitcoin has also been increasingly used in so-called ransomware attacks because of its untraceable nature. The price of a single bitcoin peaked at $2,760.10 on the Bitstamp exchange on Thursday, but has since fallen to $2,292.53. More fun...

Full article: http://www.reuters.com/article/us-funds-bitcoin-idUSKBN18...

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