Bridgewater Associates, the world’s largest hedge fund, is reportedly planning to again a crypto fund for the primary time.
The hedge fund based by billionaire Ray Dalio is preparing to invest in an external vehicle, whereas it at the moment doesn’t have any plans to speculate straight in crypto belongings itself, CoinDesk reported.
Dalio beforehand mentioned he owned some bitcoin and mentioned it’s “almost a younger generation’s alternative to gold,” which “has benefit as a small portion” of a diversified portfolio. Nonetheless, Dalio additionally predicted governments would outlaw cryptocurrencies in the event that they turn into too profitable.
Earlier this month, President Joe Biden signed an executive order requiring federal businesses to have interaction in a broad overview of their insurance policies associated to cryptocurrencies and different digital belongings. Some business members mentioned the order shattered any fears that the U.S. would subject a blanket ban on digital belongings, and shifted the main focus to regulate the business correctly.
A spokesperson for Bridgewater didn’t reply to requests for remark.
A number of hedge funds have already tapped into the digital asset house. London-based Brevan Howard reportedly launched a cryptocurrency hedge fund in January, The Wall Road Journal reported. The enterprise capital arm of Steve Cohen’s Point72 Asset Administration led the $21 million Series A funding round in crypto market intelligence firm Messari in 2021.
is buying and selling at round $41,293, up 0.1% over the previous 24 hours, based on CoinDesk knowledge.
Archive: Dalio says he ‘might be missing something about bitcoin’ — challenges Twitter to change his mind (Nov. 17, 2020)