With Bitcoin reaching almost US$7000, it is not a surprise that the bulls and bears have taken to it. There are hedge funds that are making their way towards using bitcoins. One of the leading financial technology research companies, Autonomousn Next, said that there are 124 hedge funds in Wall Street that are investing in cryptocurrencies and assets, including bitcoins. There are more than US$2 billion being managed in these hedge funds. This proves that the market signals for bitcoin and other crypto assets are strong despite what the most influential “luddites” at Wall Street are saying. That’s giving money managers the hint to invest while the market is warm and before it turns red hot.
Cryptofunds Going Crazy
Many traders are investing in hedge funds based on bitcoin, because of its burgeoning value. No wonder the bitcoin exchange rate jumped from being at $6500 to almost $7000 in one day. Needless to say, it’s been a gobsmackingly brilliant year for bitcoin, thus far. But others like Hedge Fund Alert are worried. They say that the “number of hedge funds investing in digital currencies are exploding.”
Auther Bell managing member Corey Mc Laughlin says that he has never seen this much volume in hedge funds directed towards a particular asset or commodity in his 19-year career. He says it’s crazy. It’s making sales calls go crazy. Institutional investors are deeply invested in this asset category and this has surpassed expectations. Hedge funds are gaining truckloads from offering cryptocurrencies on their portfolio.
More Are On The Way
Amidst all this craziness, there are more of these crazy hedgefunds on the way, as if 124 of them weren’t enough. The numbers of Autonomous Next say that there were more than 90 funds who had their focus on digital currencies and other assets especially bitcoin, making the total number of “crypto-funds” 124 in total.
They said that 37% of the funds utilized venture capitalism strategies and now $1.1 billion are being managed by these funds. The most part of these funds are using statistically adapted models for buying and selling digital currencies and some of them are using “digital assets.”
There is a total of a whopping $2.3 billion now being managed under hedge funds that are using digital cryptocurrencies.
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