Crypto: Ray Dalio said he held some bitcoin. Now Bridgewater is reportedly preparing to back a crypto fund for the first time

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Bridgewater Associates, the world’s largest hedge fund, is reportedly planning to back a crypto fund for the first time. 

The hedge fund founded by billionaire Ray Dalio is preparing to invest in an external vehicle, while it currently does not have any plans to invest directly in crypto assets itself, CoinDesk reported. 

Dalio previously said he owned some bitcoin and said it’s “almost a younger generation’s alternative to gold,” which “has merit as a small portion” of a diversified portfolio. However, Dalio also predicted governments would outlaw cryptocurrencies if they become too successful. 

Earlier this month, President Joe Biden signed an executive order requiring federal agencies to engage in a broad review of their policies related to cryptocurrencies and other digital assets. Some industry participants said the order shattered any fears that the U.S. would issue a blanket ban on digital assets, and shifted the focus to how to regulate the industry properly.  

A spokesperson for Bridgewater didn’t respond to requests for comment.

Several hedge funds have already tapped into the digital asset space. London-based Brevan Howard reportedly launched a cryptocurrency hedge fund in January, The Wall Street Journal reported. The venture capital arm of Steve Cohen’s Point72 Asset Management led the $21 million Series A funding round in crypto market intelligence company Messari in 2021. 

Bitcoin
BTCUSD,
-0.19%

is trading at around $41,293, up 0.1% over the past 24 hours, according to CoinDesk data.

Archive: Dalio says he ‘might be missing something about bitcoin’ — challenges Twitter to change his mind (Nov. 17, 2020)

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