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Funding Progress

Ray Dalio’s World-Leading Hedge Fund Plans to Back a Bitcoin Fund

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The world’s biggest hedge fund is poised to sponsor its first Bitcoin fund, two sources told CoinDesk on Tuesday. Bridgewater Associates, an investment company with $150 billion in assets under control, proposes to support a “cryptocurrency” related external vehicle.

According to sources cited by CoinDesk, Bridgewater had no ambitions to actively engage in such assets, and its investment was small relative to its overall AUM.

Bridgewater’s founder and co-chief investor, Ray Dalio, hasn’t always welcomed “cryptocurrencies”. In 2017, he termed Bitcoin a bubble, then three years later he listed three reasons why it can’t be used as money.

In 2021, he changed his views and praised Bitcoin for its tenacity.

“It has not been hacked. It has not been made obsolete. It has proven itself to be an asset which has imputed value. It’s probably the next generation’s version of gold.”—Ray Dalio

Reportedly, several well-known Bitcoin investors are considering investing in the fund. Ray Dalio, the hedge fund’s billionaire founder, called Bitcoin “one hell of an invention” early last year.

In 2021, the wealthy investor said he had personally invested in Bitcoin and Ethereum, but did not specify how much.

Dalio is very astute in his thesis on the “Changing World Order” and what is taking place in the macro-environment. For more on Dalio’s thesis see his video below.

Dalio advised investors to not assess their profits or assets in terms of money. “Look at it in inflation-adjusted money,” he continued.

“I think we are entering and era where there’s going to be a competition of monies, because of the printing of fiat money and the depreciated value. There will be a competition of monies, and Bitcoin is part of that competition.”—Ray Dalio

Institutional space moving quickly to Bitcoin

Bridgewater Research claimed in a January study that “crypto markets are now substantial enough to allow for positions relevant to institutional investors.”

Several hedge funds are now investing in digital assets. Marshall Wace, a London-based investment business, allegedly sought to build a new fund to invest in “blockchain”, “crypto” payment systems, and “stablecoins”.

Point72 Ventures, led by billionaire Steve Cohen, has already made five “crypto” investments and wants to invest in tokens this year.

Bitcoin Price Action: Bitcoin was trading at $43,906 time of this article, up 2.3% in 24 hours.


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