$150 Billion Hedge Fund To Invest in Crypto?
The world’s largest hedge fund, Bridgewater Associates is looking to increase allocations in digital assets.
Ray Dalio, Chief Investment Officer at Bridgewater has previously advised investors to allocate a portion of their portfolios in Bitcoin, (and admitted to owning BTC himself) and has now announced the fund is readying a new “external vehicle” for crypto related investments.
Back in January, Bridgewater released a report titled, “Evolution of Institutional Investors’ Exposure to Cryptocurrencies and Blockchain Technologies,” signaling that it was actively researching the space back then.
That same month, Dalio noted that regulators were giving too much attention to the industry, but suggested investors allocate 1% of their portfolios in Bitcoin.
This new “external vehicle” will not be part of Bridgewater’s main $150 billion fund, however. Yet, it sends a strong signal that major hedge funds could be more willing than ever to go heavy in the space.
Of course, the more institutions that accumulate Bitcoin, the higher its price could rise.
Mike Novogratz, a former hedge fund manager, sees the potential market cap of Bitcoin rising nearly 10X to $7.5 trillion by 2029.
Source: https://finance.yahoo.com/news/world-largest-hedge-fund-invest-024111088.html