Cryptocurrency focused hedge funds now number 124
As I mentioned earlier in the week, bitcoin/cryptocurrency focused hedge funds have been exploding as of late.
More about that can be read here:
However, the numbers from last week are already being dwarfed.
As of last week it was reported that there were 110 cryptocurrency focused hedge funds in existence, today, a mere 5 days later, that number has swollen to 124.
That means 14 new funds were created in less than a week!
Over the last couple months we were averaging about 2 new hedge funds created per week.
According to the latest data (the data provided by financial research firm Autonomous Next), it appears even that 2 per week number is now being dwarfed!
The amount of money being managed by these funds has also risen from $2.2 billion to the current estimate of $2.3 billion.
That doesn't even include the $500 million dollar fund Michael Novogratz is set to launch in January of next year.
Which, by the way, would make it the largest of its kind.
Basically, all the data is just telling us what we already know, the space is booming.
Why is this interesting?
It's not that surprising that there is so much interest in the space, I mean bitcoin and cryptocurrency are in the news and making headlines just about every single day.
However, it is interesting because this is happening at a time when other major Wall Street professionals are being very critical of bitcoin and cryptocurrencies.
From Jamie Dimon, to Warren Buffet, the list seems to get longer by the day of Wall Street tycoons bashing bitcoin.
All the while more and more hedge funds are quietly coming on to the scene and giving their investors what they want.
By the way, the $2.3 billion in cryptocurrency is still minuscule when compared to the $3.2 trillion that makes up the entire hedge fund industry.
Who is right?
Is it the guys publicly bashing bitcoin and cryptocurrency on a daily basis, or the ones putting their money into these things while everyone else is bashing them?
Tough to say at this point.
Perhaps some of this is even orchestrated...
You mean Wall Street might use a form of deception to pick up one on mom and pop investors?! No, they wouldn't do that... would they?
Stay informed my friends.
Sources:
Image Sources:
https://seekingalpha.com/article/4081337-hedge-fund-metamorphosis-2017
https://cointelegraph.com/news/jp-morgan-chase-ceo-jamie-dimon-bitcoin-is-going-to-be-stopped
Follow me: @jrcornel
For Jamie Dimon to come out so strong against bitcoin, something must be going on behind the scenes. These guys thought cryptos would just be a fad, but its looking increasing likely that is not going to be the case.
Thanks. Great summary.
Informative post, thanks, we will take this very serious
Great info!
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best off luck
Awesome post, Keep it up!
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Upvoted. I'm going to resteem this now :]
Yes, my brother, follow me to see the other funny
All boats about to be lifted ;-p
Yes, the hedge fund business is going to drive crypto to unbelievable levels. Even when Jamie Dimon was bashing bitcoin he said that it will probably go to $100,000/BTC but he also said that in the end the government will shut it down. He called it a fraud because of it being touted as money. He said it is a technology and not money because money can only be created by governments. Novogratz has similar sentiments. He said it will be the biggest bubble of our lifetime and so he is going to trade it but I think he believes at some point there will be a collapse. He also admitted that BTC is too volatile to be used as money but sees it as the greatest investment opportunity he has ever seen. They both want to participate but Dimon is not being honest about it. He is trying to derail Bitcoin so he can usurp the technology for his own selfish purposes. As the Zero Hedge motto goes, "on a long enough timeline the survival rate for everyone drops to zero," so they are both right.