Perspectives on Bitcoin as an Institutional Investment

By Christopher Carpentier, CFA, FRM, Investment Strategist; Arkady Ho, CFA, Fixed Income Portfolio Specialist

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State Street Global Advisors Global Entities

The views expressed in this material are the views of the Investment Strategy and Research team as of March 3, 2021, and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. There is no representation nor warranty that such statements are guarantees of any future performance. Actual results or developments may differ materially from the views expressed. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

Currency risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. Cryptocurrencies are subject to a number of unique risks, including but not limited to valuation, enabling technology, regulatory frameworks, and accounting rules. Cryptocurrencies may decline in value and may at any point be worth less than the original cost of the investment. There is a risk that non-asset-backed cryptocurrencies may lose most or all of their value.

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