By Grant Wasylik, analyst, Palm Beach Daily
Two major movements are happening in the crypto space…
First, the smart money is moving into crypto. And second, investment professionals are leaving traditional finance jobs to go full-time crypto.
And it’s all happening under the radar.
We believe diversifying your portfolio with proper asset allocation will lower your risk… give you more protection for your portfolio… and hand you better returns.
That’s why we believe every investor should allocate some of their portfolio to alternative assets – like bitcoin.
So today, I’ll show you the evidence that smart money and smart people are heading into the crypto space – and why you should follow what they’re doing.
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The Smart Money Has Arrived… and More Is Coming
In just the last three months alone, we’ve seen these developments:
- Top venture capital (VC) firm Andreessen Horowitz launched its second crypto fund – Crypto Fund II… worth $515 million.
- The Securities and Exchange Commission allowed $130 billion hedge fund Renaissance Technologies to get involved in bitcoin. RenTech’s Jim Simons is the highest-earning hedge fund manager in the world, according to Forbes.
And his Medallion Fund is famous for achieving the best continuous returns in history – with a 71.8% average annual return (1994–2014).
- Billionaire hedge fund manager Paul Tudor Jones announced he has 2% of his assets in bitcoin. Other leading hedge fund managers, like Bill Miller, Crispin Odey, and Jim Simons, came out of the crypto closet, too.
- And last month, New York Digital Investment Group, a leading institutional investment management firm, closed a $190 million bitcoin fund.
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If you’re a regular Daily reader, this shouldn’t come as a surprise.
Editor and world-renowned crypto expert Teeka Tiwari has been predicting for years that institutions would flood into this space.
Here’s the key to why more and more financial pros will adopt bitcoin… Bitcoin is uncorrelated to the markets. So its price movements aren’t tied to stocks, bonds, real estate, or the business cycle. And just a tiny allocation can boost a portfolio’s returns – while also lowering its risk.
Studies show that allocating just 1–10% of bitcoin to a classic 60/40 portfolio of stocks and bonds provides significantly better risk-adjusted returns. In the money management world, that’s the holy grail. The bottom line: Bitcoin can no longer be ignored by Wall Street.
And this is just the tip of the iceberg…
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Wall Street Big Shots Are Switching to Crypto
In the last few years, a wave of finance experts have left lucrative Wall Street jobs to go full-time crypto.
This is something you won’t read about in mainstream media headlines. So I’ve been personally keeping track of these career moves…
- Mike Novogratz – a 35-year Wall Street veteran – cut his teeth at Goldman Sachs, where he held multiple leadership roles for two decades. In 2018, he founded Galaxy Digital, which offers a suite of crypto and blockchain products and services.
- Brian Estes was the youngest senior VP at financial services company A.G. Edwards & Sons. From 2004–2014, he ranked in the top 0.1% of more than 1,200 Morningstar asset managers. Estes launched Off the Chain Capital in 2016 – ranked the No. 1 hedge fund in the crypto space by Vision Hill Group.
- Matt Hougan was the CEO of leading ETF authority ETF.com. In 2018, he became the global head of research for Bitwise Asset Management.
As you can see, some of Wall Street’s best and brightest are leaving the world of stocks and bonds for crypto. And the list goes on…
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I caught up with Matt last week to find out why many Wall Street big shots are leaving their cushy jobs for the new world of crypto.
Here’s what he said…
I was fortunate enough to spend 15 years building a company (ETF.com) that helped investors, financial advisers, and institutions understand ETFs.
When I first got involved in ETFs, people were afraid of them. But a small group of people saw them for what they were: A new technology that made investing more efficient and effective… Slowly but surely, ETFs became the dominant way for investors to access the markets.
When we sold ETF.com in 2015–16, I started looking around for the next big, disruptive breakthrough in finance… Crypto was the obvious winner. The potential for crypto to reshape huge swaths of the financial industry is enormous.
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Look, the smartest guys in the world of finance wouldn’t be leaving high-paying Wall Street jobs for crypto unless they thought the gains in crypto would be even bigger.
Here’s Teeka again…
So what you’re seeing is the top hedge funds and top VC firms getting into crypto right before it takes off. As I always say, follow the smart money.
There’s Still Time to Act
Bitcoin is already the best-performing asset class of 2020 and in eight of the last 10 calendar years. But we’re still in the early stages.
More smart money will come into the space, and so will more investment pros.
So ignore the day-to-day price movements in bitcoin and focus on the big picture.
The next move up in bitcoin will move the entire crypto market – including altcoins. But once it goes mainstream, that window of opportunity will close.
So if you want to get ahead of the next major move in crypto adoption… start with a small stake in bitcoin. If you don’t, you might regret it for the rest of your life.
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As I mentioned above, the next move up in bitcoin will move the entire crypto market. And Teeka believes the underlying technology behind crypto will be the No. 1 investment of the decade…
You see, not only does this technology power crypto, it’s disrupting several industries, from health care to supply chains to finance.
Teeka’s put his reputation on the line and pulled back the curtain on this emerging trend. You can learn more about it right here…