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22 Mar, 2022 13:54

World’s largest hedge fund invests in crypto – report

Ray Dalio’s Bridgewater Associates is reportedly preparing to back its first cryptocurrency fund
World’s largest hedge fund invests in crypto – report

Bridgewater Associates, the world's largest hedge fund with $150 billion in assets, is planning to invest in crypto assets for the first time, CoinDesk reported on Tuesday, citing its sources.

Two insiders told the media that Ray Dalio’s company is considering backing an external vehicle that is linked to the price of Bitcoin, while another source said Bridgewater Associates has no current intention of directly investing in crypto assets.

Bitcoin broke through the $42,000 mark on the news, with the price of the top digital currency surging over 4% to $42,864 as of 12:22 GMT on Tuesday.

A Bridgewater spokesperson told CoinDesk in February the firm “continues to actively research crypto but is not currently planning on investing in crypto.” The statement came despite four people saying the hedge fund giant was due to enter the space by mid-2022.

Ray Dalio confirmed in May that he had a personal investment in Bitcoin.

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