Investment fund buys R$ 938 million in Bitcoin

Two more companies have bought Bitcoin in recent days and bet that Wall Street adoption is inevitable.

Entrepreneur holding a Bitcoin cryptomycapital
Entrepreneur holding a Bitcoin
Another investment fund bought Bitcoin and started its activities in January 2021 in the market. The fund invested R$ 938 million in digital currency.

Headquartered in New York, USA, SkyBridge Capital is a global Bitcoin Future investment company. In recent weeks, the crypto market had paid attention to the company’s movement towards Bitcoin. According to the Coindesk news portal, the company has more than $9 billion under management.

Close to launching the SkyBridge Bitcoin Fund LP, the company confirmed that it had already made the million-dollar purchase of the world’s leading cryptomoeda. To launch the fund, SkyBridge Capital has already filed an application with the SEC, being an investment fund to be regulated by the US government.

SkyBridge, which has been operating since 2005, is another traditional manager moving in the Bitcoin market.

Investment fund buys R$ 938 million in cryptomeda: „Bitcoin is the new gold“.
In the midst of the health crisis, the economy has also felt the shocks of VOCID-19, damaging businesses and further increasing unemployment in the world. Several assets ended up devaluing with the movement, especially those at high risk.

Emerging country currencies also felt the pressure, with extreme devaluation and fears of a new wave of hyperinflation. In Brazil, for example, each dollar is worth more than R$ 5 today.

Thus, companies began to seek refuge in assets unrelated to the traditional economy. Centuries ago, gold was the main asset among investors‘ favorites.

By 2020, however, Bitcoin has attracted a new wave of investors seeking long-term security. According to Coindesk, SkyBridge is the new company to believe more in Bitcoin than in gold.

The company issued a statement saying „Bitcoin is digital gold“. It also made it clear that Bitcoin is better at being gold than gold itself, i.e. it believes that the reserve properties of digital asset value are more interesting today.

In the material released by SkyBridge, you can still find reports from big companies that support Bitcoin today, like CitiBank, JPMorgan and even BlackRock. Thus, the company believes that Bitcoin is respected by Wall Street today, being a currency with potential for the coming years.

One of the company’s founders, Anthony Scaramucci, recently declared that Bitcoin is a promising currency. With the current rate of currency issuance by the US Central Bank, the FED, the Bitcoin would provide the necessary protection against monetary measures, conducted mainly in the US.

After investing almost R$ 1 billion in Bitcoin, SkyBridge is yet another to enter the hottest market of the last decade.

A Canadian company also buys Bitcoin and believes it will achieve extreme gold valuation
In 2020, the drop in Bitcoin brokerage volume was an important move perceived by the Bitcoin market. This is because, with companies buying large volumes, there is not much left for those trading for platforms in small quantities.

According to the Canadian company NexTech, Bitcoin has a lot of potential. NexTech, which ended up buying U$ 2 million Bitcoin (approximately $ 10 million), announced the acquisition last Tuesday (29).

The company even believes that the Bitcoin market can reach that of gold, with a tendency for the value reserve to contain a share in the digital currency. NexTech CEO Evan Gappelberg commented in a statement that there should be a paradigm shift in the market soon, replacing gold with Bitcoin.

„Our investment in Bitcoin is part of our new capital diversification and allocation strategy with the intention of maximising long-term value for our shareholders.

This initial investment reflects our belief that Bitcoin is a long-term value reserve and an attractive investment asset with greater long-term appreciation potential than cash retention, which currently yields 0.06%. Bitcoin is a digital version of gold that has a total market capitalization of $10 trillion against Bitcoin’s total market capitalization of only $500 billion.

We believe that as part of the digital transformation, a paradigm shift for digital gold is underway and as Bitcoin is increasingly seen as a store of value, just like gold, it will reach for gold,“ Evan said in a press release.