{"id":426689,"date":"2020-06-09T13:32:24","date_gmt":"2020-06-09T13:32:24","guid":{"rendered":"https:\/\/wncen.com\/?p=426689"},"modified":"2024-06-11T08:41:34","modified_gmt":"2024-06-11T08:41:34","slug":"multibillionaire-hedge-fund-pits-bitcoin-against-lower-yield-bonds","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/multibillionaire-hedge-fund-pits-bitcoin-against-lower-yield-bonds\/","title":{"rendered":"Multibillionaire Hedge Fund Pits Bitcoin against Lower-Yield Bonds"},"content":{"rendered":"<ul>\n<li>Bitcoin got a special mention in a journal penned by Paul Britton, the CEO &amp; Founder of Capstone Investment Advisors.<\/li>\n<li>The hedge fund manager recommended asset allocators to think about alternatives to government bonds, such as &#8220;cryptocurrencies.&#8221;<\/li>\n<li>The statement took cues from the sovereign assets&#8217; inability to insure 60\/40 portfolios after the Federal Reserve slashed interest rates to near zero.<\/li>\n<\/ul>\n<p>In his <a href=\"https:\/\/www.ft.com\/content\/8a9efc6c-ca71-41e8-bec9-3702f5d67f7e\" rel=\"nofollow\">latest op-ed<\/a> on Financial Times, Capstone Investment Advisors&#8217; Founder and CEO,\u00a0Paul Britton,\u00a0ended up mentioning Bitcoin as an alternative to government bonds.<\/p>\n<p>The hedge fund manager, who holds over\u00a0$22.5 billion worth of assets under management, advised asset allocators to look into &#8220;cryptocurrencies&#8221; as bonds lose their diversifying power in a risk-balanced investment portfolio. He further recommended gold and cash as alternatives to bitcoin.<\/p>\n<p>Investors typically balance their portfolio risks by allocating 60 percent of the assets to equities and the rest to the government bonds. Historically, stocks and bonds have moved inversely to each other. Therefore, sovereign notes offset losses in the stock market.<\/p>\n<figure id=\"attachment_426693\" aria-describedby=\"caption-attachment-426693\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/spx-price-09062020-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-426693\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/spx-price-09062020-2.png?resize=860%2C509\" alt=\"spx, us 10 year treasury bond, us10y, s&amp;p 500\" width=\"860\" height=\"509\"><\/a><figcaption id=\"caption-attachment-426693\" class=\"wp-caption-text\">S&amp;P 500 and US 10-Year Government Yield fell in sync in March 2020 | Source: TradingView.com<\/figcaption><\/figure>\n<p>But the COVID-19 pandemic has changed the equation drastically. As the virus loomed all across the U.S., it forced the entire economy to go into a state of lockdown. It resulted in a global market rout, wherein every asset and index fell by record margins, including bitcoin.<\/p>\n<p>Help came from the Federal Reserve. The U.S. central bank <a href=\"https:\/\/wncen.com\/2020\/06\/05\/bitcoin-20k-fed-and-ecb-infinite-qe\/\">launched an open-ended bond-buying program<\/a>. It also slashed the benchmark interest rates to near zero, sending stocks higher, but bond yields to laughably lower levels. All and all, the Fed&#8217;s strategy misbalanced the classic 60\/40 risk-parity portfolio.<\/p>\n<h2>Why Bitcoin<\/h2>\n<p>Bitcoin was among the primary beneficiaries of the Fed&#8217;s quantitative easing program. The cryptocurrency fell by more than 60 percent during the March 2020 rout, but still managed to recoup all its losses before traditional markets. As of this Tuesday, it was trading 150 percent higher from its year-to-date lows.<\/p>\n<figure id=\"attachment_426694\" aria-describedby=\"caption-attachment-426694\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/bitcoin-price-09062020-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-426694\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/bitcoin-price-09062020-7.png?resize=860%2C509\" alt=\"bitcoin, btcusd, cryptocurrency, xbtusd, btcusdt\" width=\"860\" height=\"509\"><\/a><figcaption id=\"caption-attachment-426694\" class=\"wp-caption-text\">BTCUSD has surpassed global market recovery after Fed&#8217;s money injection | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>Part of Bitcoin&#8217;s gains also came because of its deflationary narrative. On May 11, the cryptocurrency underwent its <a href=\"https:\/\/wncen.com\/2020\/06\/05\/bitcoin-miners-btc-post-halving\/\">third halving<\/a>, a pre-programmed event that reduces its supply by half. That worked as a contrast to Fed&#8217;s money printing policies, with many Wall Street investors recognizing Bitcoin as a haven against inflation.<\/p>\n<p>Legendary investor Paul Tudor Jones was among the first ones to make the comparison. In his <a href=\"https:\/\/www.scribd.com\/document\/460382154\/May-2020-BVI-Letter-Macro-Outlook#from_embed\" target=\"_blank\" rel=\"nofollow noopener\">investment letter<\/a> published in early May, Jones announced that he is purchasing 1-3 percent positions in the Bitcoin Futures market, adding that &#8220;the\u00a0best profit-maximizing strategy is to own the fastest horse.&#8221;<\/p>\n<p>And now, with Britton mentioning bitcoin as one of the alternatives to rebalance 60\/40 portfolios, the 11-year old asset could attain a &#8220;macro&#8221; status heading further into 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin got a special mention in a journal penned by Paul Britton, the CEO &amp; Founder of Capstone Investment Advisors. The hedge fund manager recommended asset allocators to think about alternatives to government bonds, such as &#8220;cryptocurrencies.&#8221; The statement took cues from the sovereign assets&#8217; inability to insure 60\/40 portfolios after the Federal Reserve slashed interest rates to near zero. In his latest op-ed on Financial Times, Capstone Investment Advisors&#8217; Founder and CEO,\u00a0Paul Britton,\u00a0ended up mentioning Bitcoin as an alternative to government bonds. The hedge fund manager, who holds over\u00a0$22.5 billion worth of assets under management, advised asset allocators to look into &#8220;cryptocurrencies&#8221; as bonds lose their diversifying power in a risk-balanced investment portfolio. He further recommended gold and cash as alternatives to bitcoin. Investors typically balance their portfolio risks by allocating 60 percent of the assets to equities and the rest to the government bonds. Historically, stocks and bonds have moved inversely to each other. Therefore, sovereign notes offset losses in the stock market. But the COVID-19 pandemic has changed the equation drastically. As the virus loomed all across the U.S., it forced the entire economy to go into a state of lockdown. It resulted in a global market rout, wherein every asset and index fell by record margins, including bitcoin. Help came from the Federal Reserve. The U.S. central bank launched an open-ended bond-buying program. It also slashed the benchmark interest rates to near zero, sending stocks higher, but bond yields to laughably lower levels. All and all, the Fed&#8217;s strategy misbalanced the classic 60\/40 risk-parity portfolio. Why Bitcoin Bitcoin was among the primary beneficiaries of the Fed&#8217;s quantitative easing program. The cryptocurrency fell by more than 60 percent during the March 2020 rout, but still managed to recoup all its losses before traditional markets. As of this Tuesday, it was trading 150 percent higher from its year-to-date lows. Part of Bitcoin&#8217;s gains also came because of its deflationary narrative. On May 11, the cryptocurrency underwent its third halving, a pre-programmed event that reduces its supply by half. That worked as a contrast to Fed&#8217;s money printing policies, with many Wall Street investors recognizing Bitcoin as a haven against inflation. Legendary investor Paul Tudor Jones was among the first ones to make the comparison. In his investment letter published in early May, Jones announced that he is purchasing 1-3 percent positions in the Bitcoin Futures market, adding that &#8220;the\u00a0best profit-maximizing strategy is to own the fastest horse.&#8221; And now, with Britton mentioning bitcoin as one of the alternatives to rebalance 60\/40 portfolios, the 11-year old asset could attain a &#8220;macro&#8221; status heading further into 2020.<\/p>\n","protected":false},"author":50,"featured_media":426695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,1558,76835],"class_list":["post-426689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Multibillionaire Hedge Fund Pits Bitcoin against Lower-Yield Bonds<\/title>\n<meta name=\"description\" content=\"Bitcoin got a special mention in a journal penned by Paul Britton, the CEO &amp; Founder of Capstone Investment Advisors. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Multibillionaire Hedge Fund Pits Bitcoin against Lower-Yield Bonds","description":"Bitcoin got a special mention in a journal penned by Paul Britton, the CEO &amp; Founder of Capstone Investment Advisors. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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