As for Europe, Germany is one of the most progressive countries in terms of access to cryptocurrencies. This is also confirmed by the latest news concerning the management financial giant Union Investment.
The Specialfonds opened the door to the cryptocurrencies
At the beginning of August, we informed you that the door to cryptocurrencies in the largest European economy was opened by new legislation concerning the so-called “Special funds“, Which allows large German management funds to invest up to 20% of their managed portfolio in cryptocurrencies. This is not a small amount of money, as these funds manage more than 1.8 trillion euros in capital and there are more than 4,000 in Germany. They even include major pension funds.
Thanks to the change in this legislation, Union Investment also gained the opportunity to offer cryptocurrencies as an investment, which apparently caught on to it. It is a German management giant that manages clients’ capital in the amount of over $ 500 billion. The Bloomberg portal was the first to inform that Union Investment plans to add BTC to several of its investment funds as part of a targeted pilot program for institutional clients.
The Frankfurt-based company has confirmed that it is considering adding BTC to the small number of investment funds that will be available to private investors. In each fund, the exposure to BTC will be limited to maximum 2% of all assets. Daniel Bathu from Union Investments added that they will probably start with this offer in the fourth quarter of this year. We add that Union Investment belongs to the DZ Bank Group, which cooperates with more than 800 German banks.
11% of Germans own cryptocurrencies
A recent survey by the Finder portal, which was conducted on a large sample of 42,000 Germans, found that 11% of the country’s population currently has exposure to cryptocurrencies. Previous surveys in the US and the UK suggest that there are even more Germans investing in cryptocurrencies than Americans or Britons.