Summary
- A senior executive at the asset management arm of Latin America's largest private bank, Itaú Unibanco, recommended a 'calibrated' 1~3% allocation of Bitcoin to portfolios.
- The institution stated that Bitcoin should be treated as a complementary element of portfolios and emphasized that a long-term approach is important.
- It assessed that the Bitcoin ETF (BITI11) listed on Brazil's stock exchange contributes to international diversification and currency defense.
A senior executive of the asset management division of Latin America's largest private bank, Itaú Unibanco, suggested that some Bitcoin (BTC) should be included in investment portfolios.
On the 15th (local time), according to The Block, in a recent research note released by Itaú Unibanco, Renato Eid, head of beta strategies and responsible investment at Itaú Asset Management, emphasized, "We recommend a 'calibrated' inclusion of Bitcoin at the level of 1~3%. Attempts to time the market should be avoided, and it is important to take a long-term perspective."
Eid said, "The aim is not to make digital assets (cryptocurrencies) the core of the portfolio, but to integrate them as a complementary element," and explained, "It is meaningful for securing a return source with low correlation to the domestic business cycle, partially responding to currency depreciation, and adding the possibility of long-term capital gains."
The column also mentioned a Bitcoin exchange-traded fund (ETF) directly managed by Itaú Asset Management. BITI11, listed on Brazil's stock exchange B3, is a spot Bitcoin-linked ETF launched in 2022 through collaboration with Galaxy Digital. According to TradingView data, its assets under management are approximately $115.6 million.
Eid evaluated, "Maintaining or adding BITI11 simultaneously offers two opportunities: international diversification and currency defense, and a global store of value."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
