Billionaires Are Selling Nvidia Stock and Buying an Index Fund That May Soar Up to 83,000%, According to Wall Street Experts
Recently filed Forms 13F show that two high-profile hedge fund managers sold shares of Nvidia during the second quarter while reallocating capital to the iShares Bitcoin Trust (NASDAQ: IBIT), an exchange-traded fund (ETF) that tracks Bitcoin (CRYPTO: BTC).
The trades made by Shaw and Cohen are noteworthy because both fund managers have credentials beyond their status as billionaires. D.E. Shaw and Point72 rank second and 13th, respectively, among the 20 best-performing hedge funds in history, according to LCH Investments.
That said, investors shouldn't interpret their trades to mean Nvidia is a bad investment, but rather, that portfolio diversification is important. Artificial intelligence (AI) stocks like Nvidia could create substantial wealth over time, but the same is true of cryptocurrencies like Bitcoin. Some Wall Street experts think Bitcoin (and consequently, the iShares Bitcoin Trust) could surge 83,000%.
Source Fool.com