Many companies in the mainstream industry have been considering adopting crypto either by investing in BTC or by leveraging blockchain technology. And Brevan Howard, a hedge fund known across the European Union, is the latest asset management firm to join the trending movement.
As reported on Bloomberg, the asset management firm is set to invest a whopping sum of $84 million in the digital assets world, which is about 1.5% of the total hedge fund managed by the firm, $5.6 billion. The overseers of this initial allocation would be Tucker Waterman and Jonny Steindorff, the co-founders of the cryptocurrency investment company Distributed Global.
Betting on Different Cryptocurrencies
Information coming from a person who is familiar with the matter very well reveals that the fund will have a diverse portfolio with a focus on different digital assets besides the popular Bitcoin and Ethereum. The Hedge fund co-founder, Alan Howard, is a man known for his experience in the finance field, including crypto investment and backing the cryptocurrency funds of the One River Asset management based in the United States.
Following a year of remarkable gains, Howard will now be expanding his investments and would join the caliber of people like Stanley Druckenmiller and Paul Tudor Jones, the renowned hedge fund managers who have over time be passionate bitcoin enthusiasts. They claimed Bitcoin is a better store of value against the reducing fiat than the precious metal, gold.
A battle with Fiat
Recently, the United States government has taken a new step to combat the global pandemic with another relief package worth $1.9 trillion. Different analysts in the finance industry have given a caution against the possibility of inflation of USD as the US Federal Reserve is printing massive amounts of paper money.
The report reveals that Druckenmiller joined Tudor Jones by investing in the BTC market, and he admitted that he is going long with bitcoin in an interview with CNBC. He added that cryptocurrency, over time, would be a much better store of value than we have known.
When the pandemic hit the market last year, Jones began his purchase of BTC, and as of now, the Tudor Investment Corporation, his hedge fund, has been putting its asset in the Bitcoin futures.