Today on Twitter the portfolio manager and the global strategist of Allianz- Steven Russolillo bluntly rejected any sensibility of investing into the world’s leading crypto- Bitcoin (BTC). He resides in Hong Kong and is also the reporter at the Wall Street Journal in Asia for stocks and cryptocurrency. For him, it (BTC) being the first ever cryptocurrency, it is seen with the eyes of perfection. He thinks that it is a “figment of everyone’s imagination.” In his Twitter post, he questioned the proof of the users getting their money back. He added that it is not a “rational place to invest.” The tweet did not get much of support of any kind from the audience.
We can gauge it from the very low number of re-tweets (2 re-tweets), two comments, and only two likes. The people appeared to be unmoved by his tweet. One of the participants of the Tweet thread – with the Twitter profile name ‘Sam Cornwell’ went on to say,
I hope you find this quote as hilarious as I did, Steve. Very unfortunately that someone in charge of so much money has such a little understanding of it.
The company has not been a very big fan of cryptocurrency overall. For instance, last year too, the company’s CEO- Andreas Utermann, called on the international regulators to bluntly outlaw the blockchain based digital currency. The reason behind his strong response was the fact that at that point bear market was shaking the crypto market massively, which in turn has massively emptied people’s savings. Back at then, the CEO’s views were not in sync with the company’s chief financial advisor- Mohamed El-Erian. The chief financial advisor rather supported Bitcoin and encouraged the buying of the world’s largest crypto under 5K U.S Dollars mark. You can clearly see the contradiction between the two executive officers of the company when you will read what Mohamed El-Erian further added,
I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be.
Earlier in May this year, Steven Russolillio and Akane Otani described last year as brutal in terms of investments. They see this year as a ‘good news’ for the investors and rather added that it is “nearly impossible for investors to lose money this year.” They went on calling 2019 crypto investment scene as “too good to be true.”
On the other hand, the company has been spreading its wings towards becoming the second biggest general insurer in the United Kingdom. Allianz has recently taken over the business of Legal & General and LV. The transaction has cost the general insurer company more than 800 Million Great Britain Pounds. The deal will offer general insurance worth of around 12 million to the customers of the country.