European hedge fund company Brevan Howard Asset Management is reportedly the latest fund manager to consider investing a percentage of its capital in cryptocurrencies, including Bitcoin (BTC).
Someone familiar with the matter told Bloomberg today that the wealth manager will be investing about 1.5% ($84 million) of its $5.6 billion main hedge fund in cryptocurrencies.
According to the source, the investment will be headed by Distributed Global founding partners Johnny Steindorff and Tucker Waterman.
Bloomberg noted that it reached out to Brevan Howard’s spokesman to confirm the authenticity of the information, however, it did not receive any comment as at press time.
London-based Elwood Asset Management, an affiliate firm of Howard’s, will be in-charge of trading cryptocurrencies, the source confirmed.
If the information is true, Brevan Howard will join other wealth managers like Paul Tudor Jones, KiwiSaver Growth Fund, etc., in making strategic investments in cryptocurrencies.
Institutional investors as well as wealth managers have been showing increased interest in cryptocurrencies, especially Bitcoin, due to the asset’s outstanding performance.
Bitcoin has surged by more than 800% over a year, making it the best performing asset over traditional financial instrument gold. Investors continue to see bitcoin as a hedge against inflation, thus leading to its mass adoption.