According to rumors circulating online, both Stone Ridge Asset Management and Soros Fund Management are hoarding Bitcoin.
As for Stone Ridge Asset, the company appears to have bought $ 1 billion worth of Bitcoin.
Stone Ridge accumulates Bitcoin
In March, the fund warned the SEC that its Stone Ridge Diversified Alternatives Fund had included Bitcoin in its possible investments, with the objective of generating returns by direct exposure to the price of BTC, or by selling put options on futures contracts, or by investing in joint investment vehicles, such as registered or private funds.
In addition, yesterday the news spread that one of its subsidiaries, New York Digital Investment Group (NYDIG), has signed an alliance with NCR to effectively bring the sale of bitcoins and cryptocurrencies to 650 US banks.
Truth be told, there is still no official confirmation that Stone Ridge bought bitcoins for $ 1 billion, but Forbes has revealed that among the $ 4 billion worth of bitcoins NYDIG had in custody in February, there were 30,000 BTC owned by Stone Ridge Holdings Group, with a approximate value of one billion dollars. Now NYDIG claims to have over $ 6 billion worth of digital assets in custody, so it's possible Stone Ridge's 30,000 BTC is still there.
In addition, NYDIG, or Stone Ridge, has been aware for months that, thanks to the agreement with NCR, probably at some point many US banks will start offering the sale of Bitcoin directly from the checking account. And since in the past, for example, when PayPal began to allow something very similar, the demand for BTC has grown a lot, also causing the price to rise, it cannot be ruled out that it has accumulated bitcoin in view of a similar dynamic.
In fact, it is possible that the speculative bubble of the first months of 2021 is due to a significant and sudden increase in demand, perhaps precisely due to the new investors brought to the cryptocurrency market by PayPal, given that this initiative has run into huge and sudden success, and considering that PayPal's user base is very large.
Soros Fund Management invests in Bitcoin
In the meantime, Soros Fund Management It has also started investing in Bitcoin.
The Street reported this, saying that the company has asked its traders to invest in BTC, probably for purely speculative purposes, at least for now. The approval for this type of investment came directly from CIO Dawn Fitzpatrick, so it would in effect be a green light for investments in bitcoin.
According to some analysts, the current phase through which pierces the bitcoin price it would be an accumulation phase, or in which several professional investors are hoarding BTC in anticipation of a possible price growth in the short or medium term.
For example, David Puell reports that the so-called Puell Multiple has given a buy signal for the fifth time in the entire history of BTC.
If the price of bitcoin was really in an accumulation phase, it is possible that in the next few days, or at most in the next few weeks, the price go back up to pre-crash levels on May 19.