The benefit of cryptocurrencies is visible once again in helping Latin America countries with troubled local currencies.
According to Michael del Castillo, reporting for CoinDesk, "some of the wealthiest families in Latin America now have access to a new way to invest, thanks in part to a former senior manager at consulting firm Bain & Company."
Essentially, Castillo says, "these services are designed to give new crypto-asset investors exposure to bitcoin and ether without taking on the added risk of regulatory and tax compliance and storage. No fee is being charged for the service, but 30% of the carried interest will be collected by the fund based on certain conditions."
These people want exposure to the rapidly growing cryptocurrency asset class, yet want to minimize the risk and any trouble that might come along with it.
Co-founder of the fund, David Garcia, also elaborates that this is more than just to make money because they are actually attempting to hedge against the less stable fiat currencies. He says that "storing their savings in the local currency is not a smart option."
It is no surprise to see countries with unstable fiat currencies (and eventually, that will be all countries) become more supportive of the crypto-asset class. Situations like this also help accelerate the mainstream adoption of cryptocurrency.
Sources:
http://www.coindesk.com/former-bain-manager-launches-50-million-bitcoin-ethereum-fund/
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