The world’s biggest hedge fund will back its very first cryptocurrency fund, CoinDesk reported on Tuesday, mentioning 2 sources near the matter.
What Happened: Bridgewater Associates, the financial investment company with $150 billion in properties under management (AUM), prepares to back an external automobile with direct exposure to cryptocurrency, according to the report.
The sources were estimated by CoinDesk as stating that the fund had no strategies to invest straight in such properties and the size of Bridgewater’s financial investment was tiny compared to its overall AUM.
Other popular cryptocurrency financiers are likewise stated to be in speak to buy the fund, based on the report.
Why It Matters: Ray Dalio, the hedge fund’s billionaire creator, clarified his position on Bitcoin ( CRYPTO: BTC) in 2015, calling the leading digital possession “one hell of an invention” early in 2015.
“The something I would state to financiers is do not evaluate anything in your returns or your properties in small terms, in regards to the number of dollars you have. View it in regards to inflation-adjusted dollars,” he stated at the time.
Price Action: At press time, Bitcoin was trading at $41,140, down 0.59% in the last 24 hours. Ethereum was trading at $2,900, up 1.25% over the exact same duration.