Drukenmiller is a billionaire and so is Karvis. What do they have in common here? They have collaborated together to invest into Bitwise in the tune of $70 million. It may not appear like much money between a few billionaires, but this news is again proof that the 1% are investing into BTC and crypto.
Even a fraction of money invested by each billionaire it would be enough to push crypto market cap to all time highs. The crypto market is still in its infancy and as long as there are more buyers the price will appreciate. As for the retail investor it should be wise to continue hodling or even add to ones crypto portfolio because we may not know who the next billionaire will be investing in the assets.
Bitwise Richer Today
With the new investment Bitwise plans to use the cash to grow its business.
Bitwise plans to use the funds to strengthen its balance sheet and develop its research, client service and sales teams.
The company focuses on long term investments in crypto rather than trading it daily. Since it’s creation in 2017 Bitwise has currently started coming out with quarterly profits in start of 2021. Considering how so many high growth tech companies that took many years to turn into a profit it is impressive Bitwise has achieved such a status within five years.
Bitwise over the counter stock ticker symbol BITW was able to close nearly 10% higher for today’s session likely do to the recent news. Bitwise’s future looks bright and as a crypto enthusiast it is definitely great to keep an eye on the company to see how they turn out in the years ahead.
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