Old Mutual’s Gold & Silver Fund Shifts Gears: Bitcoin Invested, Skeptics Turned Believers

Late to the Bitcoin Dance Party

Recently, the Old Mutual Gold & Silver Fund decided to dip their toes into the icy waters of Bitcoin. RT’s Max Keiser can be heard saying they’re fashionably late, as this pioneering fund, led by Ned Naylor-Leyland, formerly treated Bitcoin like that awkward kid at a high school dance—always on the sidelines, never hitting the floor.

Flipping Gold into Digital Gold

With the fund’s traditional love affair with gold and silver, the recent shift to invest 5% of their portfolio into Bitcoin is a monumental change. Keiser, who isn’t shy to share his opinions, chimed in on the fund manager’s about-face: “Ned is talking about Bitcoin being effectively gold, that it was designed to be gold!” Who knew the transition would be like flipping a pancake—hard at first but delicious on the other side?

Keiser’s Salty Remarks

In the latest episode of The Keiser Report, Keiser took a moment to roast Naylor-Leyland’s past reluctance. He explained that they had engaged in numerous conversations over Bitcoin, but the funds’ head seemed to play hard to get. Now that the price has skyrocketed, it’s like he finally decided to join the bandwagon. Keiser said, “He’s been sucked into the vortex, into that black hole that is Bitcoin.” It seems Keiser thinks the gravitational pull of Bitcoin is just too strong to resist!

Bitcoin as the New Gold-Savior

All jokes aside, Keiser believes that Bitcoin will revolutionize gold trading on Wall Street. He boldly proclaimed, “We’re going to obliterate all the machinery that is killing the gold price.” It’s akin to Moses parting the Red Sea, with Bitcoin clearing the way for gold to shine at new heights—possibly reaching $2,000 to $3,000 per ounce!

The Philosophical Angle: Bitcoin Meets Aristotle

Keiser went philosophical when referencing Naylor-Leyland’s claim that Bitcoin represents the reversion to sound money, aligning it with Aristotle’s defining characteristics of money: durability, portability, divisibility, and intrinsic value. He argued that Bitcoin satisfies these conditions, with the unique characteristic of digital scarcity. “It fulfills all the characteristics of money,” Keiser remarked, as if Bitcoin is the perfect student who passed all tests with flying colors.