Billionaires Are Selling Nvidia Stock and Buying Up This Red-Hot Cryptocurrency
Until recently, billionaire investors appeared to have little or no interest in buying Bitcoin (CRYPTO: BTC). But that seems to be changing in 2024. Half of the top 20 billionaire hedge fund managers now own Bitcoin. And, in some cases, they are selling off Nvidia in order to buy up this red-hot cryptocurrency for their portfolios.
There are a number of factors at work here, of course. You don't just sell off an ultra-high-performing stock like Nvidia for no good reason. Let's take a closer look at why billionaires are shifting into Bitcoin.
The real tipping point for Bitcoin ownership appears to have been the launch of the new spot Bitcoin ETFs in January. Suddenly, billionaire investors had an easy, convenient way to invest in Bitcoin that didn't require them to enter the cryptocurrency market directly. Based on the latest 13F filings with the SEC, it's possible to see how much money has flowed into Bitcoin over the past eight months, and quite frankly, the numbers are staggering.
Source Fool.com
