The expansion of the number of investment firms turning to cryptocurrencies seems to be accelerating. According to latest news, a hedge fund plans to allocate 1.5% of its capital to a bouquet of cryptocurrencies. We are talking about Brevan Howard, a European hedge fund that “dives” into the waters of cryptocurrency investments.


The asset manager is preparing to invest $84 million in digital assets, representing 1.5% of the high-risk hedging fund, amounting to $5.6 billion. Jonny Steindorff and Tucker Waterman, co-founders of cryptocurrency investment company Distributed Global, will oversee the initial distribution.


According to resources, the hedge fund will have a diversified portfolio focusing on various cryptocurrencies in addition to Bitcoin and Ethereum. Its co-founder, Alan Howard, has vast experience in the field, investing in cryptocurrencies and supporting the cryptocurrencies of US-based One River Asset Management.


Howard it is expanding its investment after a year of record profits. It follows the footsteps of Paul Tudor Jones and Stanley Druckenmiller, two well-known hedge fund managers, who have become prominent proponents of bitcoin, calling bitcoin a better hedge against the fall of fiat currencies than gold.


In an interview with CNBC, Druckenmiller, who teamed up with Paul Tudor Jones to invest in bitcoin, said:


“Somehow I’m a dinosaur, but I’m warmed by the fact that bitcoin could be a very attractive asset as a store of value.”


Jones began buying bitcoin last year when COVID-19 hit global markets in March. Its hedge fund, Tudor Investment Corporation, invests part of its capital in bitcoin futures contracts.