Bridgewater Associates, headed by American billionaire Ray Dalio, is planning to back a crypto fund for the first-time ever, reports said.
While the investment will not be directly into crypto assets, Bridgewater is preparing towards funding an external vehicle, CoinDesk reported on March 22, citing sources who are privy to the development.
The investment from Bridgewater is expected to boost the legitimacy of crypto funds, point out experts, as it would send across the message that the world's largest hedge fund is favourably looking at crypto as an asset class.
Although Dalio had revealed in May last year that he has invested in Bitcoin, the largest cryptocurrency, on personal account, Bridgewater had so far refrained from backing the virtual asset.
Reports citing the Bridgewater sources further claimed its investment in the crypto fund would be miniscule as compared to the $150 billion it holds as assets under management (AUM).
Bridgewater was yet to react to the news at the time of writing this report. The hedge fund had, last month, told the media that it had not finalised any plan on investing in cryptocurrencies.
Bridgewater, in a report released in January, had positively highlighted the performance of Bitcoin and Ether. "They have grown four times and 10 times respectively more valuable than they were just 18 months ago. These run-ups took place during a time of unprecedented liquidity," it said.
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