“Bringing fiat best practices to the crypto space”
"Crypto currencies represent a paradigm shift not just because of what they are, but because of the scale, scope of application and speed of adoption." - Timothy Enneking, Managing Director, Crypto Asset Management (CAM)
Crypto Asset Management’s (CAM) Managing Director, Tim Enneking, didn’t start out as a fan of digital currencies. Even when he was running a fund involved in the purchase and sale of bitcoin, Enneking remained skeptical of the digital currency.
He believed that fiat currencies had a far more solid foundation: “In my mind, fiat currencies set the bar very high. Everybody accepts them, they are used widely, and people use them for transactions all over the planet. I didn’t think bitcoin set the bar nearly as high.”
He started taking a closer look at bitcoin in an effort to get a better handle on the digital currency: “I dug into every kind of historical financial scam in detail, and concluded that bitcoin didn’t line up with any type of scam. I didn’t see anything clearly wrong with it. As a result, the bar of bitcoin rose a bit.”
Then, Enneking began delving into fiat currencies. He notes: “Since Nixon completed the process of taking the U.S. dollar off the gold standard in 1971, and every other country followed suit, fiat currency was backed by nothing.”
As for what motivates him to manage digital currencies instead of other assets at this point, Enneking emphasizes that the space is fresh and interesting. Because the space is so new, its participants have the opportunity to make history: “We introduced the first fund, both globally and in the United States. We introduced the first index class. We’ve now introduced the world’s first crypto-denominated share classes.”
So how can newcomers to the space potentially enjoy great success? Take your time, proceed slowly, plan every move carefully, do not be impulsive, and hire an experienced, qualified team like Crypto Asset Management.