Ray Dalio’s Bridgewater Associates has decided to back a crypto fund for the first time, although it has no plans to operate directly in this segment. According to news reported by CoinDesk, this signals that the world’s largest hedge fund, which has US$ 150 billion in assets under management, is now considering cryptocurrencies as an asset class.
According to sources consulted by the site, there are rumors (unconfirmed) that the fund is expected to enter the crypto market in the middle of this year. “A Bridgewater spokesperson said that the company currently has no plans to invest in cryptocurrencies – despite four people mentioning a possible start-up in the segment as early as 2022”, the story highlights.
Even without confirmation, the prospect of Bridgewater looking at the sector with interest has caused the cryptocurrency market to be worth US$ 2 trillion again, according to information from CoinMarketCap.
Ray Dalio has bitcoin and ether in the portfolio
Interestingly, Dalio did not always believe in cryptoassets. In 2020, for example, he questioned bitcoin’s role as a store of value, mentioning that the currency would be “too volatile”. However, in 2021 he revised his opinion and backtracked, pointing out that BTC is a valuable asset and “will probably be the version of gold for the next generation”.
In December 2021, Dalio, whose fortune is estimated at US$ 20.3 billion, claimed to have bitcoin and ether in his investment portfolio.
