This is the year that Bitcoin (CRYPTO: BTC) became a big hit with billionaire hedge fund managers. Based on recent 13F filings with the Securities and Exchange Commission, over half of the top 25 hedge funds (as measured by assets under management) in the United States now own Bitcoin.

So that leads to the obvious question: Why has Bitcoin suddenly become so appealing to billionaire investors in 2024? Let's take a closer look.

The story really begins with the launch of the new spot Bitcoin ETFs in January. Before that, billionaire hedge fund managers could still buy Bitcoin, of course, but the process was much more complex and illiquid. It required setting up digital wallets, instituting new risk management controls, and buying crypto directly on cryptocurrency exchanges.

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Source Fool.com