Don Steinbrugge: Hedge funds to Buy More Bitcoin
The long-term Bitcoin bull is the latest manager to spot a growing trend in cryptocurrencies
Don Steinbrugge, Agecroft Partners Founder and CEO, expects hedge fund managers to start gobbling up Bitcoin. The consultancy chief made his comments in a CNBC interview on Tuesday. During his conversation, the crypto bull called Bitcoin a “fantastic technology” and described it as a hedge against inflation.
“It’s been an amazing run, it’s fantastic technology; some people are using it as a way to hedge against inflation,” Steinbrugge said during the interview.
The money manager also cited long-term price appreciation, limited supply cap, strong security, and reliable transactions as reasons for his bullish case.
Don Steinbrugge: Bitcoin “Fairly Expensive”
Despite saying that BTC was “fairly expensive” at current levels, Don Steinbrugge believes that it will become a long-term position for many money managers.
“Bitcoin is here to stay,” he said, just as Bitcoin crossed the $12,000 level.
Steinbrugge isn’t the only mainstream money manager to express bullishness on Bitcoin. As we noted recently, Miller Value Partners chief Bill Miller allocated a large stake of his portfolio to Bitcoin. Miller’s MVP reported a 46%jump in profits during the first half of the year thanks to positions in Bitcoin and Amazon.com.
More managers diving into the crypto craze
Other prominent managers who have taken large stakes in Bitcoin include Mike Novogratz – a former partner at Fortress Financial. Likewise, Former Point72 member Travis King and Anthony Pompliano, co-founder of Morgan Creek Digital Assets are Bitcoin proponents.
Recently, Dan Morehead, founder and CEO of crypto-focused hedge fund Pantera Capital, set a price target on Bitcoin at $42,000. Other aggressive calls have surpassed $100,000 and even $1 million over the next five to ten years.
Those gains come at a time that more hedge funds are popping up around the global. For example, PriceWaterhouseCoopers recently said that 150 crypto hedge funds have combined assets of more than $1 billion.
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