Two billionaires are on a Crypto shopping spree.
Starting 2020, institutional investors flowed into the crypto space nonstop. This included hedge funds, corporate treasuries and insurance companies. This new type of investor changed the space, with surging and plunging prices following news of investors coming and going.
That was until Elon Musk turned his back on Bitcoin because of environmental concerns. But, institutional investors are making up for the loss that Musk caused.
Steven A. Cohen, an American hedge fund manager and owner of the New York Mets of Major League Baseball, owns Poin72, a hedge fund company. They said that they didn’t want to pass on the chance of buying into a $2 trillion cryptocurrency market.
George Soros’ Soros Fund is also “actively trading bitcoin.”
These are great developments for crypto. But not such a great development for ordinary people like us, those who don’t have billions to invest and are just here to secure our retirement.
Because this is exactly how the rich get richer. This is how they manage to widen the gap between themselves and other classes. This is how they manage to maximize their gains to the fullest.
They come in early and they come in big. And they come in when everyone else is going out.
Soros has a questionable reputation with regard to currencies. He is constantly blamed for the 1992 British Pound disaster. Soros was the most notable among a number of currency speculators who broke the British Pound. They shorted itso hard the Great Britain was forced to withdraw from the European Exchange Rate Mechanism.
People are now asking whether Soros could do the same for crypto.
Paul Tudor Jones, another billionaire, bought into cryptocurrencies and explained that this was driven by “Great Monetary Inflation” thesis.
The great monetary inflation states that we are in an unprecedented expansion of every form of money unlike anything the developed world has ever seen.
By his calculation, $3.9 trillion of money, the equivalent of 6.6% of global economic output, has been printed since February.
He said that the best profit-maximizing strategy is to own the fastest horse and his bet was and still is on Bitcoin.
The sad thing is that most of these theories, analysis, or whatever you want to call go ignored or criticized but hardly anyone takes a good look at it and actually see how they can use it to their advantage.
In the end, it’s those who care that manage to take advantage of it.
And that’s one of the things My Digital Money is here. We want to share balanced and relevant information.
We are not financial advisors. We are simply here to bring pieces of information that you can use to make better investment decisions. Soros, Jones, and Cohen’s moves are worth looking into not just because they have this lifestyle we all aspire to have but because they got to where they are because of sound investment strategies.
So, stay subscribed to our YouTube channel and use website resources to help you make better investment decisions.