Citibank’s David Bailin believes that bitcoin will do well because of the level of interest from investors. While stating that the cryptocurrency can be part of a portfolio, the executive sees better investment opportunities than bitcoin in “giant unstoppable trends.”
Bitcoin ‘Is Going to Do Well,’ Citi Executive Predicts
David Bailin is Managing Director and Chief Investment Officer (CIO) at Citi Private Bank, a subsidiary of Citigroup dedicated to serving wealthy individuals and families. He is listed on the Citibank website as a “wealth expert.” Bailin talked about bitcoin in an interview with Yahoo Finance Wednesday. He said:
I tell people there’s no doubt that I think bitcoin is going to do well because of the level of interest that’s coming from everyone.
However, the Citi executive noted that it “scares” him “on a fundamental basis.” Bailin joined Citi in 2009 as the Global Head of Managed Investments and was promoted to Global Head of Investments in October of 2017.
Bailin explained that “At Citi Private Bank and at Citi Global Wealth, we are really focused on this concept of core and opportunistic investing.” The former represents 85% or more of the total holding in a traditional portfolio and is focused on “fundamental investing.” The latter is where Citi clients can choose to have exposure to bitcoin.
The Citi Private Bank CIO cautioned:
To get that exposure to bitcoin, if you don’t own the actual bitcoin, any of these funds or structures can be a very, very inefficient way …
Story continues on Bitcoin.com
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