The chief investment officer of Valkyrie Investments says that the crypto asset manager is turning to flight-to-safety assets such as Bitcoin (BTC) as The Merge approaches.
In a new interview with Bloomberg Technology, Valkyrie CIO Steve McClurg says that as Ethereum (ETH) prepares to transition to a proof-of-stake consensus mechanism in September, the crypto asset manager is exiting all of its positions in the second-largest digital asset.
McClurg says Valkyrie, which has about $1 billion in assets under its management, is moving its funds to Bitcoin and other smart contract blockchains such as Avalanche (AVAX) and Zilliqa (ZIL).
“Right now Bitcoin is really the flight to safety for a lot of our funds…some of the more established proof-of-stake protocols are also a great place to be. Places like Avalanche and Zilliqa…
So we’re really moving out of anything that has too much exposure to ETH right now until we see this merge sometime in [the] middle [of] September and into some of...
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