Known as the world’s largest hedge fund, Bridgewater Associates is reportedly planning to make its debut in the cryptocurrency space.
The investment firm is looking to back an external cryptocurrency fund for the first time, CoinDesk reported Monday, citing two sources familiar with the matter. One of the sources mentioned that Bridgewater has no plans to invest in crypto assets directly.
Founded by billionaire investor Ray Dalio in 1975, New York-based Bridgewater Associates manages $150 billion in assets of its institutional clients.
While this is the first time the hedge fund has unveiled any crypto-related plans, Dalio has previously revealed that he owns some amount of Bitcoin. At the time, the investor praised the asset’s deflationary nature and said he would personally prefer Bitcoin over a bond.
Later in 2021, Dalio revealed that he has expanded its cryptocurrency portfolio to include Ethereum as well. “I view it as an alternative money in an environment where the value of cash money is depreciating in real terms,” said Dalio in an interview with Yahoo! Finance.
One of the sources noted that the amount of investment from Bridgewater is a tiny fraction of its total assets under management. Meanwhile, the company is yet to release an official statement on the matter.