“If you’re telling me they’re starting to invest in T-bills, I would say that’s smart. If I may say so, crypto has been proven not to behave like a haven asset. It is also not a replacement for gold." In an interview with The Edge Singapore, Sagayam adds: “There’s all the turmoil in the crypto market, which FTX has only compounded.”
The past few weeks have seen the crypto markets in turmoil after the implosion of the crypto exchange FTX sparked a broader contagion. Around the same time, there have been anecdotal reports of how crypto traders — presumable punters with the stomach for plenty of volatility — have swung into the other extreme as they bought US Treasury bills instead.
Raymond Sagayam, the chief investment officer of fixed income at Pictet Asset Management, hesitated to comment on what crypto traders are doing. Compared to the Swiss private bank he joined in 2010, they belong to a “quite different” world not always focused on “solid and sound” fundamental investing.
