Bridgewater Associates, the world’s largest hedge fund, introduced Monday plans to again a crypto fund for the primary time. The hedge fund based by billionaire Ray Dalio disclosed that it’s making ready to spend money on an exterior cryptocurrency fund. The hedge fund agency justified its transfer by stating that presently, it doesn’t have any plans to speculate immediately in cryptocurrencies itself.
Based on three sources acquainted with the matter, different outstanding crypto buyers are additionally in talks to spend money on the fund.
A Bridgewater spokesperson revealed that the corporate presently doesn’t have plans to spend money on cryptocurrencies. “Whereas we received’t touch upon our positions, we are able to say Bridgewater continues to actively analysis crypto however just isn’t presently planning on investing in crypto,” the official talked about.
One other particular person with shut details about the hedge fund’s crypto buying and selling plans mentioned: “Bridgewater is in a first-half plan this yr. They plan to have a small slug of their fund deployed immediately into digital property.”
And one other supply additionally disclosed: “Bridgewater is trying to become involved. They’re doing critical diligence: liquidity, service suppliers and whatnot.”
The Firm Has a Place for Bitcoin
The transfer clearly signifies that the world’s largest hedge fund, with $150 billion in property beneath administration (AUM), is listening and taking cryptocurrency critically as an asset class.
Established in 1975 and headquartered in Connecticut, US, Bridgewater is an American funding administration firm based by Harvard Enterprise College graduate Ray Dalio.
In December 2020, Dalio, the founder and chief funding officer of Bridgewater Associates, clarified his view on Bitcoin and disclosed what his firm has in retailer for cryptocurrency.
Dalio confirmed that he owns “a little bit bit” of Bitcoin and known as it a youthful era’s different to gold. “Bitcoin is like gold, although gold is the well-established blue-chip different to fiat cash.” The Billionaire investor mentioned that allocating as much as 2% of 1’s portfolio to Bitcoin is cheap. He’s assured that Bitcoin, much like gold, acts as a superb hedge in opposition to rising costs of products and providers.
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