World's Largest Hedge Fund Operator "Holding Bitcoin"... Cryptocurrency Market Rebounds
Bitcoin Records 47.08 Million KRW, Up 10.56% Compared to Previous Day
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[Asia Economy Reporter Gong Byung-sun] Ray Dalio, who runs Bridgewater, the world's largest hedge fund, revealed that he holds the representative cryptocurrency Bitcoin, causing Bitcoin to rebound to the 47 million KRW range.
According to the domestic cryptocurrency exchange Upbit, as of 7:19 AM on the 25th, Bitcoin recorded 47.08 million KRW, up 10.56% compared to the previous day. It had recently been on a downward trend, dropping to 39.33 million KRW the day before, but then reversed to an upward trend.
Most altcoins also succeeded in rebounding. At the same time, Ethereum rose 23.58% to 3.19 million KRW. After falling to the 2 million KRW range on the 23rd, it returned to the 3 million KRW range. Ethereum Classic showed a 41.42% increase to 89,440 KRW. It had dropped to 51,600 KRW the day before, showing a decline of 74.63% from its all-time high. However, Moscoin and FirmaChain showed declines in the 10% range.
The fact that Bridgewater, the world's largest hedge fund managing assets exceeding 170 trillion KRW, disclosed its investment in Bitcoin led to the upward trend. According to the US economic media Business Insider on the 24th (local time), Dalio said at the CoinDesk 2021 Convention Consensus event, "I hold Bitcoin," and added, "Bitcoin is better than bonds in inflation." He did not disclose the scale of his Bitcoin investment.
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Previously, Dalio viewed Bitcoin negatively. In March, Dalio expressed a negative outlook, saying the US government would classify Bitcoin as illegal. The reason is that the state wants demand and monopoly over currency. At the end of last year, he also said, "Bitcoin is too volatile to be a suitable store of wealth." However, in January, he showed signs of a shift in stance by saying, "Bitcoin can replace gold."
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