The crypto market exploded a few days ago, and things continue to look great. Bitcoin is still trading above $23k, and Ethereum is priced at $649 at the moment of writing this article.
The bullish predictions continue to flood the crypto space like there’s no tomorrow and now a billionaire investor is dropping a fresh one.
Alan Howard bets on crypto
It’s been just revealed that the billionaire hedge fund manager Alan Howard is backing One River Digital Asset Management’s $1 billion bet on crypto.
Just in case you don’t know, Howard is the co-founder of his own Brevan Howard Asset management.
He supports the innovative investment manager One River Digital’s plans to continue to go deeper into the crypto space.
One River Digital CEO Eric Peters is committing the firm to a $1 billion investment into ETH and BTC by early 2021.
The firm already invested $600 million in crypto. They quietly bought crypto back in November before BTC hit $16k.
It’s also important to note the fact that Peters founded One River Digital back in 2013, and he had a plan to focus on risker assets with higher volatility.
Bitcoin’s two massive triggers
The online publication the Daily Hodl also noted that Peters believes massive inflation and currency debasement are coming our way.
He’s confident that these macro factors will trigger an explosion for Bitcoin and other assets in 2021.
“Covid-19 provided the ultimate catalyst for that transition. This is the most interesting macro trade I’ve seen in my career…There definitely are more risks to [Bitcoin] than gold, which has been around for thousands of years, but there’s also way more convexity. There are very few convex bets that’ll help your portfolio when these macro forces start playing out…” he said.
He also pointed out that “There is going to be a generational allocation to this new asset class. The flows have only just begun.”