Emirates NBD CIO: Bitcoin seen as 'digital gold'… reviewing possible portfolio allocation
Summary
- Emirates NBD said it is reviewing the possibility of adding Bitcoin (BTC) to its portfolio.
- NBD’s CIO said the bank views Bitcoin as 'digital gold' and is exploring ways to add it to the portfolio.
- He noted that recent market volatility makes it difficult to determine Bitcoin’s fair value, adding that its role as a store of value is becoming more prominent.
Emirates NBD, a major bank in the United Arab Emirates (UAE), is said to be reviewing the possibility of adding Bitcoin (BTC) as an investment.
On the 24th, Maurice Gravier, Group Chief Investment Officer (CIO) of Emirates NBD, said in an interview on CNBC’s Squawk Box that “we see Bitcoin as ‘digital gold’,” adding that the bank is exploring ways to add BTC to its portfolio.
He noted, however, that valuing Bitcoin fairly remains difficult amid persistent market volatility. Gravier said that “in a volatility environment like the current one, it is challenging to value Bitcoin fairly.”
He also assessed that Bitcoin’s role has evolved. While it initially drew attention as an alternative currency, he said its character as a store of value is now more pronounced.
Meanwhile, Emirates NBD is one of the UAE’s largest banks. The remarks suggest that a trend of considering Bitcoin as a strategic asset is spreading even within the Middle East financial sector.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
