The Bitwise cryptocurrency fund notified the U.S. Securities and Exchange Commission (SEC) of an $8.9 million raise.
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This is the largest amount in Bitwise’s two-year existence. By comparison, in 2019 investors put just $4.1 million into Bitwise.
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Bitwise’s head of research, Matt Hogan, explained that growing investor interest in bitcoin stems from inflation concerns arising from the Fed’s unprecedented balance-sheet expansion.
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“Bitcoin is the most effective way to hedge inflation in today’s market,” he said.
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Hogan added that among Bitwise’s clients are financial advisers to high-net-worth investors who view the limited supply of the leading cryptocurrency as a way to protect their portfolios.
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In January 2019, Bitwise filed with the SEC to register a bitcoin ETF, but withdrew the filing a year later amid a review process.
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In May 2020, the firm’s researchers said that bitcoin could boost the returns of a diversified investment portfolio, even when buying the cryptocurrency at its all-time highs.
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