The price of Bitcoin has dipped below the $8,000 mark to its lowest level in the last week. Although the cryptocurrency is down slightly over 4 percent to $7,750 at the time of writing, it is just hours away from closing a profitable month in which its price has increased more than 20 percent.
With a high level of volatility, investors often tend to a more active approach when managing crypto portfolios. However, Ali Hassan, co-founder and CEO of Crescent Crypto Asset Management, argues for the opposite.
Hassan appeared on “Bloomberg Markets” on Monday, where he shares his thoughts that a passive strategy is best when riding the “crypto roller coaster.”
Hassan, along with two other former Goldman Sachs investors, established a crypto index fund, titled the “Crescent 20 Private Index Fund,” which aims to “replicate the performance of the largest cap, and most liquid cryptocurrencies in the world.” With over 2,000 cryptocurrencies in existence, there are 20 coins in the Crescent portfolio, which “represent a coverage ratio of approximately 90% of the market cap of the entire crypto universe.”