With bitcoin prices up enormously in recent months, this mining operation in Canada is just one of many players trying to cash in. Photo: Lars Hagberg/AFP via Getty Images Bitcoin is at it again. Last month, the price of the virtual currency quietly breached a new all-time high, cruising well past its prior peak of $19,600 set in 2017, and has been hovering around $36,000 at the time of writing. This follows a nearly 90 percent decline from those previous highs early in late 2018.
These hedge-fund luminaries have lately been quite explicit with their reasons for allocating to the asset. Former Legg Mason CEO Bill Miller pointed to the unprecedented pace of money printing by the Federal Reserve and said of bitcoin: “It’s a technological innovation like we’ve never seen before, and it’s gaining acceptance every day.
It’s everywhere. Photo: Nicolas Tucat/AFP via Getty Images That means institutional money is starting to pour into bitcoin As recently as 2013, if you wanted to buy Bitcoin, your best bet might have been wiring money to an unregulated exchange in Japan that began as a venue for swapping and selling Magic: The Gathering cards. Which is to say, it was not the kind of investment that professional money managers would have ever considered.
The U.S. government is flashing a green light On top of the infrastructure questions, a lot of investors have been wary of bitcoin over regulatory concerns. If you’re an institution, there’s no point in owning an asset that might one day be illegal. But there’s been a lot of good news for bitcoin bulls on this front too. In the U.S., the Office of the Comptroller of the Currency , a top bank regulator, clarified that banks can store bitcoin private keys for their clients.
Bitcoin has a breakout new evangelist Perhaps the most ardent recent bitcoin convert is Microstrategy CEO Michael Saylor, who deployed over a billion dollars of corporate assets into Bitcoin, making his firm the first publicly traded company to hold bitcoin as a balance-sheet asset. He did so out of the belief that “bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash.
Billionaire converts like Saylor, Fidelity’s Abigail Johnson, and Twitter’s Jack Dorsey, among many others, lend the asset meaningful credibility — replacing to some extent the fringe libertarians and crypto-anarchists who for years were the loudest proselytizers. Listen to these new investors and themes repeat throughout. Bitcoin’s continued resilience in the face of protocol forks, bugs, exchange hacks is frequently cited.
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nic__carter THIS was the point of the Trp 'Presidency'. Bitcoin. They won.
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Bitcoin outlook: Crypto CIO explains bull case, why he's launching fund - Business InsiderThe CIO of a $700 million crypto asset manager breaks down why Elon Musk and Ray Dalio's gradual acceptance of bitcoin means the digital currency has room to run — and shares why it's launching an over-the-counter fund DaveNadig Opinion: none of the headlines including this article seem to have read the Bridgewater report in its entirety which was a balanced assessment of crypto and in the end not accepting of its “store of value” proposition for institutional portfolios.
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