Another mainstream giant unveils its bullish position on Bitcoin.
2020 has been a big year for mainstream Bitcoin (BTC) adoption. One of the most recent entrants to the space is One River Digital Asset Management, a hedge fund headed up by CEO Eric Peters.
The firm expects to own approximately $1 billion in Ethereum (ETH) and BTC by the first half of next year, and has already accumulated roughly $600 million worth of the asset, said a Bloomberg report on Wednesday. Alan Howard, Brevan Howard Asset Management’s co-founder and a known billionaire, is also involved in the endeavor.
Peters’ position on Bitcoin lines up with other players’, who view Bitcoin as a potential gold-like inflation hedge during uncertain economic times. Taking interest rates, money printing, and other factors into account, Peters told Bloomberg:
“There definitely are more risks to this than gold, which has been around for thousands of years, but there’s also way more convexity […] There are very few convex bets that’ll help your portfolio when these macro forces start playing out.”
Peters has boarded a thought leadership train that sees BTC becoming more and more prevalent in the days ahead. He explained:
“There is going to be a generational allocation to this new asset class […] The flows have only just begun.”
One River did not just buy the $600 million in BTC and ETH yesterday, however. According to the article from Bloomberg, Peters completed the purchases in November, sneakily acquiring stacks of the assets without stirring public hype.
Bitcoin’s price recently cracked $20,000, and remains above this level at time of publication.
