Digital Assets: Guggenheim, Another Feather In Bitcoin’s Cap

November 30, 2020 | Digital Assets, News
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Guggenheim’s Macro Opportunities Fund may invest as much as $497 million in bitcoin.

Last week, a filing by Guggenheim Funds said its “Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust, a privately offered investment vehicle that invests in bitcoin.” (Bitcoin.com)

The filing is more evidence of the rising interest in crypto investments from institutions.

According to Coin Desk, the Macro Opportunities Fund is a part of asset manager Guggenheim Investments, which in turn is a part of Guggenheim Partners.

Guggenheim Investments’ AUM of $233 billion includes fixed income, equity, and alternatives. The Macro Opportunities Fund holds about $5 billion in assets.

Bitcoin is soaring

Despite intense volatility over the Thanksgiving weekend, bitcoin is currently trading at $19561 and is within kissing distance of its all-time high reached in December 2017.

The cryptocurrency has been sent into a bullish orbit after corporates and hedge fund billionaires waxed bullish on its prospects.

Bears were further decimated when PayPal (NASDAQ: PAYPAL) announced it would allow its customers to buy, sell, and hold bitcoin.

Square’s (NYSE: SQ) Cash App has also reported record bitcoin volumes and investor interest in bitcoin.

Meanwhile, the Grayscale Bitcoin Trust has received rising inflows for bitcoin quarter-after-quarter, predominantly from institutional investors.

If bitcoin takes out its all-time high today, a further, and parabolic move higher may follow. It would validate Guggenheim’s interest in the crypto’s prospects.

Macro investor Raoul Pal has a price of $250K for BTC

Macro investor Raoul Pal says the institution-fuelled rally is in its infancy and could hit $150K, possibly even $250K by November 2021.

In his view, BTC supply is being mopped up by PayPal, Square, and Grayscale, causing a supply squeeze.

“I’ve never seen a market with this supply and demand imbalance before”, Pal said, according to Coin Telegraph.

Related Story:   Tyler Winklevoss Predicts Investment “Tsunami” In Bitcoin

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