Billionaire investors Alan Howard and Paul Tudor Jones are wagering on crypto, the Wall Street Journal reported.
Howard launched a crypto hedge fund earlier this year and is placing bets on the asset class himself.
Jones, for his part, has been buying up cryptocurrencies, the Journal said.
Billionaire investors Alan Howard and Paul Tudor Jones are placing big bets on crypto as Wall Street warms up to digital assets.
According to a report from the Wall Street Journal that cited people familiar with the matter, the two big-time investors are expanding their crypto bets, as hedge funds including Hudson Bay Capital Management reap rewards from wagering on digital assets. Representatives from the firms did not immediately respond to Insider's request for comment.
Howard, who cofounded Brevan Howard Asset Management, launched a crypto hedge fund in January betting on movements in bitcoin, ether, and other digital currencies. He also has invested in digital assets himself, and his firm opened a crypto division in September that now manages a quarter of a billion dollars, the Journal wrote.
Jones, for his part, has bought up cryptocurrencies as the the founder of Tudor Investment Corporation attempts to hedge inflation, which is at its highest in 40 years.
Wall Street has been picking up the pace on its crypto investments recently. A previous report from the Journal cited Coinbase data that showed institutional investors traded $1.14 trillion worth of cryptocurrencies last year, a surge from just $120 billion in 2020 and more than double retail traders' $535 billion in 2021.
Some investors have been hesitant to buy into the space amid regulatory uncertainty. But the asset class may be getting some clarity from regulators soon, though, as President Joe Biden just announced plans to sign an executive order to expand oversight into the crypto market.
Citadel Securities' Ken Griffin, who had previously stayed away from the asset class, recently changed his mind and said his firm could be involved in crypto in the coming months.
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