Hedge fund companies set eyes on Bitcoin despite price plummet

Hedge fund companies like Point72, Millennial Management and Brevan Howard Asset Manager have begun discussing how to move forward with investing in Bitcoin and other cryptocurrencies despite its price plummet in the market.

In an interview with media company Bloomberg, Point72 founder Steven Cohen shared the company’s plans to expand and hire cryptocurrency experts. ‘We are exploring opportunities around blockchain technology and its transformative and disruptive capabilities. We would be remiss to ignore a now $2tn cryptocurrency market,’ he said.

Additionally, Millennial Management and Brevan Howard Asset Management are already active in futures and exchange-traded funds. The developments show that old-timers in the hedge fund industry are now turning their attention to other means of investment.

Many hedge funds and investment companies as well as other notable names in the industry have also shown further interest in cryptocurrency despite its bearish movement as of late. Some of the companies looking at adopting crypto are MicroStrategy, Goldman Sachs and PayPal.

Other companies like TP ICAP will also be taking steps to further their presence in the crypto industry, namely opening a cryptocurrency venue in London for the use of various institutions. This is just one of the many developments that companies in the United States and Europe have taken to adopt the use of digital currencies.

Reports by Bloomberg also show that billionaire and hedge fund manager George Soros has been investing in Bitcoin. Their family office is reportedly trading and circulating Bitcoin in their investment options.

Bitcoin has experienced a steady decline from over $61 thousand since the middle of April of 2021. Experts have deduced that Bitcoin prices will start increasing once again towards the end of June, however, the prices have since dropped to $32,505.66.

Other cryptocurrencies such as Ethereum and Dogecoin suffered similar price changes at the beginning of the year. However, these digital assets were able to bounce back after a few weeks. Bitcoin, on the other hand, is still yet to recover from its rapid decline.

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