Giant "Bitcoin Whale" Emerges With $1 Billion Stake, Backing From Legendary Traders
Who is our mystery Whale? Eric Peters, CEO of One River Asset Managementa hedge fund specializing in volatility bets. Recently setup a new firm to seize on the growing interest in cryptocurrencies among institutional investors. Again w/ that hint at a wall of money ready to flow into Crypto's. Eric bought $1B stake, wooHoo!
Eric has emerged as one of the largest investors in Bitcoin after quietly buying more than $600 million in cryptocurrencies.
Who is the legendary trader? Eric also joined forces with legendary trader Alan Howard, co-founder of Brevan Howard Asset Management.
He described executing his trades as inconspicuously as possible and finishing all the buying in November before Bitcoin hit $16,000. Stealthy!
Peters, 54 said "Covid-19 provided the ultimate catalyst for that transition,” Peters said. "This is the most interesting macro trade I’ve seen in my career."
Who else might you know from One River? is the fund formerly known as "50 cent" for its recurring purchases of deep out of the money VIX calls - Ruffer LLP.
Ruffer is best known for having made a whopping $2.6 billion in March as markets crashed. On Tuesday, Ruffer disclosed a 2.5% position in Bitcoin in one of its funds, describing it as “a small but potent insurance policy against the continuing devaluation of the world’s major currencies.”
Summary - I have run out of fingers and toes to count on in regard to Institutional investors awakening in '20 to the reality that Crypto's present. Whose ready for this ride?
