A Hedge Fund Billionaire Bets On Crypto

Billionaire Alan Howard Makes ‘Sizable’ Bet on Cryptocurrency

Bloomberg reports that Howard started investing in cryptocurrencies last year and keeps his plans to do so in the near future.

Howard, a co-founder of Brevan Howard Asset Management, has already hired at least one employee to assist him with managing his “sizable” cryptocurrency investments, and he intends to hire more as he expands his reach into initial coin offerings (ICOs) and private equity investments in blockchain startups.

According to the sources, the other Brevan Howard partners have made personal investments in the cryptoasset space as well, though the $9.1 billion hedge fund firm itself has not purchased or traded any cryptocurrencies.

Billionaires Warm to Cryptocurrency Investments

The CNN reported there is growing number of the world’s wealthiest individuals, who have started to invest in virtual currencies.

Tim Draper, a venture capitalist has become one of the first high-profile individuals to publicly disclose his investments in the space when he purchased a large share of the Silk Road Bitcoins in 2014. Draper now holds a significant percentage of his wealth in cryptoassets and equity in blockchain startups.

Another hedge fund legend Mike Novogratz began investing in cryptocurrency in recent months, and at the current moment he is in process of establishing a cryptoasset merchant bank that has been described as the “Goldman Sachs of Crypto.”

A co-founder of PayPal Peter Thiel also revealed that his venture capital firm called Founders Fund has invested in Bitcoin in 2017 and at one point held several hundred million dollars’ worth of the flagship cryptocurrency.