Tag: Manager

Donald Trump’s Former Comms Director Made A Shock $310 Million Bitcoin Bet As The Price Soars

by Forbes

Anthony Scaramucci, whose 2017 tenure as Donald Trump’s communications director lasted just 11 days, is the latest hedge fund manager to buy into bitcoin.

The bitcoin price broke through into uncharted territory last month, soaring past its 2017 high and ending 2020 up by over 300%.

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Now, Scaramucci’s Skybridge Capital, a New York-based fund of hedge funds, has started the Skybridge Bitcoin Fund with $310 million in assets under management—calling bitcoin still “in its early innings.”

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“We believe bitcoin is in its early innings as an exciting new asset class,” Scaramucci, Skybridge’s managing partner, said in a press release. “With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.”

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The SkyBridge Bitcoin Fund LP is geared towards wealthy investors looking for exposure to bitcoin. The minimum investment is $50,000.

After a number of high-profile investors, led by the famed Paul Tudor Jones, named bitcoin as an emerging inflation hedge early last year, institutions around the world have begun to buy into bitcoin.

The bitcoin price was pushed above its 2017 high of $20,000 per bitcoin in December after London-based Ruffer Investment Management revealed a $745 million bitcoin bet. Massachusetts Mutual Life Insurance had announced it purchased $100 million in bitcoin for its general investment fund the week before.

The bitcoin price bull run was sparked in October by payments giant PayPal’s PYPL announcement that it would begin support bitcoin and a handful of smaller cryptocurrencies. Bitcoin’s price has tripled in value since then—with many in the cryptocurrency community predicting it will continue to climb.

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“Bitcoin is leading a digital monetary revolution around the world,” Skybridge chief operating officer Brett Messing added. “We believe the onus has shifted from ‘why are you investing in bitcoin?’ to ‘how are you not investing in bitcoin?'”

Slides from a leaked investor deck reveal Skybridge “expects a tidal wave of institutional capital” into the bitcoin market. It predicts hedge funds, insurance companies and a long-awaited bitcoin exchange-traded fund are “coming.”

MORE FROM FORBESAs The Bitcoin Price Surges, Coinbase CEO Brian Armstrong Issues ‘Worrying’ Bitcoin And Crypto WarningBy Billy Bambrough

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Bitcoin’s rally comes alongside its growing reputation as “digital gold,” with ethereum cofounder Vitalik Buterin recently calling it an “underrated” bull case for crypto.

Skybridge slides show the hedge fund found bitcoin to be “a vast improvement over gold,” and hints gold will eventually give way to bitcoin—”the history of money has been marked by a ‘winner take all’ dynamic.”

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“With global money printing at an all-time high, bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation,” Ray Nolte, Skybridge Co-chief investment officer, said as part of the announcement.

Last year, SkyBridge investors withdrew $1.7 billion after its main fund suffered a 23% loss in the March coronavirus crash. The fund had since recovered some of its losses, ending 2020 down 7.5%, and it raised another $300 million, Scaramucci told Reuters.

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Buying The Bottom? Grayscale Concludes 2020 With Huge XRP Purchase and 10x in AUM

by CryptoPotato

The leading digital asset manager, Grayscale, has taken full advantage of the developments within the cryptocurrency field with record-breaking inflows. The company’s assets under management (AUM) have increased ten-fold throughout 2020 to above $20 billion.

Grayscale’s Best Year To Date

Founded in 2013, Grayscale is among the largest gateways for institutional investors to receive exposure to bitcoin and other cryptocurrencies without worrying about storing the assets.

The company registered its best year to date in 2020 as institutions began entering the field with more substantial purchases.

According to Grayscale’s Q1 2020 report, the asset manager ended 2019 with an AUM of about $2 billion. However, the rising popularity of cryptocurrencies and the skyrocketing prices have resulted in a massive yearly growth to over $20 billion in AUM.

Grayscale’s founder and CEO Barry Silbert highlighted the 10x annual growth on his Twitter account:


As the graph above illustrates, bitcoin remains the company’s most attractive product. The Grayscale Bitcoin Trust accounts for about $17,5 billion of all assets (about 87%). In comparison, the second most popular product, the Grayscale Ethereum Trust, has a share of a little over $2 billion.

Strategists from the giant US multinational investment bank JPMorgan Chase & Co recently highlighted the crucial role of Grayscale for the cryptocurrency industry. The analysts even warned that prices could tumble if the inflows in Grayscale’s products decrease.

Record-Breaking XRP Purchases

Information shared by the monitoring resource CryptoWhale asserted that Grayscale had taken advantage of the recent XRP developments with a massive purchase at a lower price.

As reported by CryptoPotato in December, the US Securities and Exchange Commission charged Ripple for conducting a $1.3 billion unregistered security offering. Multiple cryptocurrency exchanges started delisting XRP, and the token’s price tumbled by about 70% to below $0.20 in a few weeks.

CryptoWhale data indicated that Grayscale had completed its largest purchase of XRP – 12.48 million coins on New Year’s Eve. The asset’s price reacted immediately with a 20% surge that took it from $0.20 to $0.24.

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Asset Management Giant BlackRock Hiring VP With Expertise in Valuating Crypto Assets

by Dailyhodl

Trillion-dollar asset management firm BlackRock is currently looking for a vice president to help the company assess the fundamental value of crypto assets.

BlackRock Financial Management, the world’s largest asset manager with $7.8 trillion worth of assets under management, says in a new job listing that the successful candidate will function as the company’s blockchain lead in New York.

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The candidate must also have at least one year of experience in the various technical areas of blockchain technology including consensus mechanisms, cryptographic hash functions, dimensions of blockchain performance, as well as private and public key cryptography. As for appraising the value of crypto assets, BlackRock requires the applicant to have a year of experience in game theory and fundamental valuation strategies for digital assets.

In addition, the aspiring BlackRock Financial Management VP should have four years of exposure in the following areas.

“Conducting financial due diligence on prospective investment opportunities; conducting valuation analysis on companies across multiple sectors and business models; presenting technological insights and strategic considerations to wide audiences including clients, external partners and internal business units; structuring financial transactions using a combination of equity, debt, and derivative securities; conducting commercial, operational and financial risk analysis; and evaluating the impact of industry and market structures on commercial opportunities and competitive dynamics.”

The new job post comes after BlackRock CEO Larry Fink said that although Bitcoin is still a relatively small asset, it is well on its way to becoming a global asset.

“Bitcoin has caught the attention and the imagination of many people. Many people are fascinated by it. Many are excited about it. But it’s still untested, it’s still a pretty small market relative to other markets. We see these big, giant movements every day… it’s a thin market.

So, can it evolve into a global market? Possibly. Certainly by evidence of the imaginations of so many who want to learn about it or are interested in it, to me, is a very telling sign.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/MAX BLENDER 3D

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Is Bitcoin Burst to $400,000 in the Works? Luke Martin Analyzes Wall Street Veteran’s Massive BTC Price Prediction

by Dailyhodl

Popular trader and crypto analyst Luke Martin is analyzing a massive Bitcoin price prediction from a veteran Wall Street fund manager.

Scott Minerd, the global head of investment at the $270 billion asset management giant Guggenheim Investments, says BTC should be valued at $400,000.

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Minerd says his firm’s analysis is based on “scarcity and relative valuation such as things like gold as a percentage of GDP.”

In a new video, Martin points to BTC’s total supply cap of 21 million coins and governmental policy choices, which he says both lend credence to that theory.

“If you use gold’s market cap as a target and use that as a relative valuation model, if Bitcoin does eat into gold’s market cap over the next 100 years, then I actually do think the $400,000 price target that Scott Minerd gave – and I imagine a lot of other soon-to-be Bitcoiners will be giving – actually does make sense, especially when you account that store-of-value assets are much bigger than just gold.

Remember, people store value in collectibles, they store value in fine art, they store value in expensive cars. Billionaires, millionaires, they have Ferraris, they have Porsches, and sometimes they buy them to drive them around, but a lot of times they buy them as a store of value. You buy scarce items because they retain their value well in a world where we have infinite supply of fiat money. We continue printing money. Scarce assets continue to go up as the money supply goes up.”

Martin says the institutional players entering the Bitcoin space, including large firms like MicroStrategy, hedge funds and insurance companies, are not buying Bitcoin for a 5-10% trade. They’re buying because they’re betting that Bitcoin will eat into gold’s market cap.

“A really simple model of using the target market cap of gold and what the supply of Bitcoin is, dividing the market cap by the supply, gives you the $400,000 – it’s not entirely unreasonable. It might take a long time to get there, and I would even say it’s a good possibility in my lifetime. So don’t go out there and YOLO long 100x, don’t go tell your friends that Luke said it has to go to $400,000, next week or next month, remember this is a long-term thing.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Inked Pixels

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Is Bitcoin Burst to $400,000 in the Works? Luke Martin Analyzes Wall Street Veteran’s Massive BTC Price Prediction

by Dailyhodl

Popular trader and crypto analyst Luke Martin is analyzing a massive Bitcoin price prediction from a veteran Wall Street fund manager.

Scott Minerd, the global head of investment at the $270 billion asset management giant Guggenheim Investments, says BTC should be valued at $400,000.

ADVERTISEMENT

Minerd says his firm’s analysis is based on “scarcity and relative valuation such as things like gold as a percentage of GDP.”

In a new video, Martin points to BTC’s total supply cap of 21 million coins and governmental policy choices, which he says both lend credence to that theory.

“If you use gold’s market cap as a target and use that as a relative valuation model, if Bitcoin does eat into gold’s market cap over the next 100 years, then I actually do think the $400,000 price target that Scott Minerd gave – and I imagine a lot of other soon-to-be Bitcoiners will be giving – actually does make sense, especially when you account that store-of-value assets are much bigger than just gold.

Remember, people store value in collectibles, they store value in fine art, they store value in expensive cars. Billionaires, millionaires, they have Ferraris, they have Porsches, and sometimes they buy them to drive them around, but a lot of times they buy them as a store of value. You buy scarce items because they retain their value well in a world where we have infinite supply of fiat money. We continue printing money. Scarce assets continue to go up as the money supply goes up.”

Martin says the institutional players entering the Bitcoin space, including large firms like MicroStrategy, hedge funds and insurance companies, are not buying Bitcoin for a 5-10% trade. They’re buying because they’re betting that Bitcoin will eat into gold’s market cap.

“A really simple model of using the target market cap of gold and what the supply of Bitcoin is, dividing the market cap by the supply, gives you the $400,000 – it’s not entirely unreasonable. It might take a long time to get there, and I would even say it’s a good possibility in my lifetime. So don’t go out there and YOLO long 100x, don’t go tell your friends that Luke said it has to go to $400,000, next week or next month, remember this is a long-term thing.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Inked Pixels

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Billionaire Investor Alan Howard Placing Massive Bet on Bitcoin and Ethereum

by Dailyhodl

Billionaire hedge fund manager Alan Howard is backing One River Digital Asset Management’s $1 billion bet on crypto. Howard, co-founder of his own Brevan Howard Asset management, is supporting innovative investment manager One River Digital’s plans to continue to plunge further into the cryptoverse. One River Digital CEO Eric Peters is committing the firm to […]

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Almost No One in Crypto Understands Multi-Trillion-Dollar Potential of Bitcoin and Altcoin Markets, Says Raoul Pal

by Dailyhodl

Macro analyst and Real Vision CEO Raoul Pal says practically no one in the crypto space understands the true value proposition of Bitcoin and the altcoin market at large. The former Goldman Sachs hedge fund manager says the size of the opportunity is so large, it is virtually guaranteed that Bitcoin will not be the […]

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Former Goldman Sachs Hedge Fund Chief Says He’s Warming to XRP, Analyzing Potential of Third-Largest Cryptocurrency

by Dailyhodl

A prominent macro strategist and former Goldman Sachs hedge fund manager says XRP has piqued his interest. Raoul Pal, who recently invested 98% of his liquid net assets into Bitcoin and holds a small amount of Ethereum, is now learning all he can about the third-largest cryptocurrency. “I’m warming to XRP, to be honest… I now […]

The post Former Goldman Sachs Hedge Fund Chief Says He’s Warming to XRP, Analyzing Potential of Third-Largest Cryptocurrency appeared first on The Daily Hodl.

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‘I’ve Changed My Mind’ on Bitcoin – $631B Asset Manager Reverses Stance on King Crypto

by Dailyhodl

A top market strategist, asset manager and long-term critic of Bitcoin and cryptocurrency, Inigo Fraser-Jenkins, says he has changed his mind on Bitcoin’s status as an asset. In a note to investors on November 30, 2020, the co-head of portfolio strategy at Bernstein Research, a global asset management firm with $631 billion in assets under […]

The post ‘I’ve Changed My Mind’ on Bitcoin – $631B Asset Manager Reverses Stance on King Crypto appeared first on The Daily Hodl.

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Bitcoin (BTC) $ 41,821.21 4.78%
Ethereum (ETH) $ 2,234.35 5.03%
Litecoin (LTC) $ 72.83 7.18%
Bitcoin Cash (BCH) $ 232.49 8.44%