Billionaire investor Philippe Laffont has taken a significant step into the world of cryptocurrency by adopting Bitcoin. The founder of Coatue Management, a $15 billion tech-focused hedge fund, made this move after warming up to the cryptocurrency at Coinbase’s State of Crypto Summit in New York City.
Laffont had previously been cautious about investing in Bitcoin due to concerns over its volatility. However, he now believes that the cryptocurrency’s volatility has decreased enough to make it a legitimate part of investor portfolios. He also views Bitcoin as a hedge against inflation and a potential long-term investment opportunity.
In terms of allocation, Laffont recommends that investors consider allocating 3-4% of their portfolios to Bitcoin. He emphasized the importance of having a small position that does not cause too much anxiety.
Interestingly, Laffont expressed regret for not investing in Bitcoin earlier and stated that investors who are still afraid of touching crypto altogether are a “dying population.” The billionaire also predicted that Bitcoin could potentially surge to $500,000 due to excessive government spending, according to SkyBridge Capital founder Anthony Scaramucci.
Source: https://u.today/scaramucci-reacts-to-another-billionaire-backs-bitcoin