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- For bitcoin adoption in 2020, it has been a very successful year.
- Many big institutions have taken kindly to the leading coin with One River Digital Asset Management being one of the more recent institutions to get involved in the industry.
For bitcoin adoption in 2020, it has been a very successful year. Many big institutions have taken kindly to the leading coin with One River Digital Asset Management being one of the more recent companies to get involved in the industry.
Spearheaded by Eric Peters, the chief executive officer, the Business expects to own around $1 billion in ethereum and bitcoin for the first half of 2021. Currently, they have already been able to accumulate around $600 million worth of the assets according to a report on Bloomberg published earlier this week.
Co-founder of Brevan Howard Asset Management, Alan Howard has also got a part to play in this.
Many people view bitcoin as a gold-like inflation hedge during uncertain economic times like we currently find ourselves in. Eric is one of those people as he said to Bloomberg:
“There definitely are more risks to this 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.”
Peters went on to say that he can see the leading coin becoming more and more prevalent in the near future as he added:
“There is going to be a generational allocation to this new asset class… The flows have only just begun.”
Interestingly, the company has not been buying into bitcoin in just one go. Peters allegedly completed the purchases last month in November but has been slowly acquiring stacks of crypto assets without public knowledge to avoid speculation and hype.
This all comes after bitcoin hits $23,000, a new all-time high, at the time of writing.
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