The impact of cryptocurrencies is still years away, says T. Rowe Price director

Although the crypto space has been around for more than a decade, William Stromberg, CEO of investment management group T. Rowe Price, believes the asset class is still in its infancy.

“It’s the beginning,” Stromberg told the Baltimore Business Journal in an interview when asked if “T. Rowe Price will ever start investing in cryptocurrencies.”

“We have some ongoing research,” added the CEO. “Some companies, a handful actually, have tried to put together products that allow you to buy and own cryptocurrency-related currencies.”

The impact of cryptocurrencies is still years away, says T. Rowe Price director
The impact of cryptocurrencies is still years away, says T. Rowe Price director

So far, a crypto-free strategy has worked for Stromberg. The first quarter of this year was an excellent one for T. Rowe Price. The company had $ 1.52 trillion in assets under management and posted earnings growth of more than 100%, as detailed in the article in the Baltimore Business Journal.

There are several ways to invest directly in cryptocurrencies. There are also a growing number of ways to invest in crypto assets via traditional financial products, although the possibilities are not as diverse as when interacting directly with certain cryptocurrencies.

For example, the Chicago Mercantile Exchange (CME) offers trading in Bitcoin (BTC) futures and options as well as Ethereum (ETH) futures. In addition to other crypto investment gateways, Grayscale also offers a variety of traditional crypto investment vehicles.

“It’s really very early, the first few days here, so I would expect this to develop at a good pace, but it will be years before it really unfolds.”Stromberg added in his response to the Baltimore Business Journal’s question about cryptocurrencies.

Stromberg’s comments on cryptocurrency came after the CEO discussed the general financial outlook for the U.S. markets, which he sees a bright future for. “We are very optimistic about the economy and the growth of the economy when it reopens and the reopening expands.”he told the Baltimore Business Journal.

Although cryptocurrencies are generally not technically tied to any particular region or government, it can be said that their price movement can be influenced by certain eventsHowever, due to the price drop Bitcoin suffered in March 2020 due to COVID-19 concerns, there is some debate on the issue.

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