Billionaires jump on crypto as ‘diversification’

Billionaires Ray Dalio and Steven Cohen are both joining the cryptocurrency movement, putting money to work and claiming bitcoin is a new way to diversify their holdings, Reuters reported.

Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, told the SALT conference on Wednesday (September 15) that he had more crypto than gold, according to the report. Meanwhile, Cohen, head of Point72 Asset Management, said earlier this week at the conference that he hoped to be aware of the opportunities in crypto.

Dalio said diversification “is a good thing” and that portfolios need to be spread across more asset classes, according to the report. He said China could be an “existential threat” to the United States and the United States needs to stay on top of what is going on there.

Meanwhile, Cohen said he was studying cryptography on his own as a possibility for his business. In May, he said it might be a mistake to ignore the then-valued $ 2 trillion market, according to the report. Cohen also said he is investing in digital asset investment firm and proprietary trading firm Radkl. Point72 is also developing crypto-trading capabilities.

He added that the new post-pandemic reality would be one in which flexibility is key, according to the report.

“I like to work from home and I don’t have to be in the office five days a week,” he said, according to Reuters.

SkyBridge is hosting the SALT conference. The alternative investment firm, founded by Anthony Scaramucci, owns a 12% investment in bitcoin, according to the report. Crypto trading was a major theme of the conference.

Crypto has been a popular topic lately and has gained the attention of regulators. U.S. House Democrats propose legislation that will help close a tax loophole for cryptocurrency investors, ensuring that crypto is subject to anti-abuse rules that apply to stocks, bonds and more securities.

Read more: House Bill would impose rule on ‘wash sale’ securities on crypto



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