On 13 July, it was revealed that multi-billionaire hedge fund manager Stephen Cohen has entered into the crypto market.
Once dubbed the “the hedge fund king”, Cohen is investing in a cryptocurrency-focused hedge fund, Autonomous Partners.
Autonomous Partners is also backed by other well-known entities, including Coinbase’s CEO and the co-founder of Union Square Ventures, and Craft Ventures.
How much Stephen Cohen has invested isn’t really known at this point. Despite this, the news sent bitcoin higher.
And this was just the tip of the iceberg…
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“BlackRock bitcoin interest could set off bull run”
On 16 July, the 10th largest investment firm in the world - BlackRock which controls around $6.3 trillion worth of funds - has formed a team to look into how the world’s largest asset manager can take advantage of the cryptocurrency market and blockchain.
As soon as this news broke, investment website, Investopedia commented that Blackrock’s interest in cryptos “could set off a bull run”.
Interestingly, the CEO of Blackrock, Larry Fink previously described cryptocurrencies as speculative investments and an asset for criminals and those interested in money laundering.
But when people heard he changed his mind, Bitcoin jumped over 5.5%.
So why is this huge news for the crypto market?
Well, considering BlackRock is one of the largest asset management firms in the world, their interest might inspire other institutional investors to become interested in the digital currency space as well.
Even if other similar firms don't follow in their footsteps, this alone could send the price of many digital currencies higher and inspire renewed confidence in the crypto markets.
The thing is, if a major firm like BlackRock believes there is real potential in the space, why shouldn't other major asset managers as well.
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More billionaires join the crypto revolution – so should you
Then on 19 July, another billionaire investor made bullish comments on bitcoin.
This time, Marc Lasry, the co-founder, chairman and CEO of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, has invested 1% of his personal wealth in bitcoin.
He believes bitcoin could soon be worth between $20,000 and $40,000.
Like I said last week, every week, cryptos are making headlines. And for good reasons.
If you’re a crypto investor, you should be excited each day, cryptos are becoming more mainstream. I know I am, because the more popular cryptos get, the more investors will pile into them – sending the prices soaring.
Well, looking at the signs I believe we’re nearly at this point. The only thing you have to do to take advantage is own some cryptos.