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

November 30, 2020 | Digital Assets, News

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.” (

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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