A brand new survey of 100 chief monetary officers at hedge funds worldwide has indicated that the sector is planning a big enhance in its publicity to crypto property within the close to time period.
The survey, carried out by Intertrust, suggests that if the respondents’ forecasts had been broadly mirrored throughout the sector, property in crypto held by world hedge funds may hit $312 billion. United States-based funds had been most bullish in regards to the new asset class, anticipating to boost their portfolio publicity to crypto to 10.6% on common inside 5 years.
Their European Union- and United Kingdom-based counterparts gave a barely extra modest determine, though nonetheless important: 6.8% on common. Intertrust’s pattern included chief monetary officers of funds that every handle a mean of $7.2 billion in property. The CFOs themselves personally anticipated to have a minimal of 1% of their portfolios in crypto.
High-profile hedge fund managers such as Paul Tudor Jones have been vocal advocates of Bitcoin (BTC) amid issues about inflationary tendencies within the financial system. SkyBridge Capital CEO Anthony Scaramucci takes an analogous view of Bitcoin’s potential as a store of value, contemplating it superior to gold.
One other large identify within the sector that’s backing cryptocurrency is Alan Howard, co-founder of main asset supervisor Brevan Howard. Simply this week, Howard invested in two digital asset startups following his earlier investment in a digital asset custody companies supplier created by Nomura in partnership with Ledger and CoinShares. He additionally owns a 25% stake with One River Digital Asset Administration. There have additionally been experiences of Brevan Howard’s plans to directly invest in crypto.
Except for conventional hedge funds’ rising confidence within the asset class, there are additionally a number of attempts to launch new crypto funds within the hope of replicating the successes of Bitwise and Grayscale.