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Bitcoin

World’s Biggest Hedge Fund Set to Add Crypto After Founder Calls Bitcoin ‘One Hell of an Invention’

The world’s biggest hedge fund, BridgeWater Associates, is reportedly taking stakes in gaining more exposure to cryptocurrencies. This follows months after its billionaire founder Ray Dalio revealed that he owns Bitcoin.

Reports by multiple trusted sources confirm that Bridgewater Associates intends to support a crypto fund rather than directly invest in digital assets.

This development is seemingly significant given how the hedge fund boasts $150 billion in assets under management — and this could prompt other institutional investors to reevaluate crypto despite the current downturn.

One of the sources told CoinDesk that Bridgewater’s allocation to crypto would be “minuscule,” while four people said that the hedge fund is set to enter the crypto space before the middle of next year.

RELATED: Embarrassing stats for El Salvador on Bitcoin Usage

Back in January, analysts at Bridgewater had predicted that adoption among institutional investors “looks likely to pick up in the coming years”— and also cited that the crypto markets are becoming too large to overlook.

The fund said it planned to research whether institutions sought to gain outright exposure by adding crypto to their balance sheets — citing arbitrage opportunities and investment via venture capital or equities as two other options.

Dalio, 72, who had gone on the record to say he is a firm believer in blockchain technology — and has predicted it will be revolutionary. However, he fears governments that perceive Bitcoin as a threat may move to outlaw it — and despite maximalists making predictions that BTC  will someday become the world’s reserve currency, he expressed his doubts that central banks might never own significant quantities of the cryptocurrency.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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