Sygnia's Magda Wierzycka on the JSE's second refusal of a new crypto ETF
Asset manager Sygnia is fresh from a second defeat after applying again to list a new cryptocurrency exchange traded fund (ETF) in South Africa.
The Johannesburg Stock Exchange (JSE) cited a lack of a regulatory framework as its reason, says Sygnia.
Bruce Whitfield interviews Sygnia co-founder and just-appointed executive chairperson, Magda Wierzycka.
The Money Show host reminds Wierzycka of the interview he did with her two years ago, almost to the day, when she cited Bitcoin as one her biggest money regrets.
Has she changed her mind about crypto currency since?
I think Bitcoin as an investment asset - as much as it is still very volatile - is here to stay.Magda Wierzycka, Executive chair - Sygnia Limited
If I had held on to my 100 Bitcoin I would be a very wealthy woman today!Magda Wierzycka, Executive chair - Sygnia Limited
Wierzycka says Sygnia debated the ETF issue again and collectively believe "Bitcoin is truly here to stay" in one form or another.
She explains the objective of Sygnia's application to the JSE.
We have an application which we prepared three years ago. We re-submitted it and what I expected to happen... is when they were ready, if they were ready, that we would be the first in the queue.Magda Wierzycka, Executive chair - Sygnia Limited
There is a Bitcoin ETF that has been listed in Canada that has attracted huge amounts of money. We felt that trying to launch a Bitcoin ETF here on the JSE... would attract attention... and potentially international investors.Magda Wierzycka, Executive chair - Sygnia Limited
I think the interest is huge and, at the end of the day, we are in the business of meeting our investors' demands. A lot of our young investors... are asking us repeatedly for crypto exposure and Bitcoin exposure through an instrument they can trust.Magda Wierzycka, Executive chair - Sygnia Limited
What about Bitcoin's notorious volatility?
The volatility we have seen is a - clearly unexpected - function of what I would call market manipulation by Elon Musk. If that happens to a listed company he would be investigated and severely sanctioned by the SEC.Magda Wierzycka, Executive chair - Sygnia Limited
What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.Magda Wierzycka, Executive chair - Sygnia Limited
Hear more of Wierzycka's views on the future of crypto below:
Source : https://twitter.com/Magda_Wierzycka/photo
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