By “institutional”, this means banks. What about hedge funds: they’re less encumbered; more risk-prone; trendsetters.
This list isn’t comprehensive but if you look at public comments by leading “hedgies”, the excitement level is, well, dismal. Let’s grade overall interest level. Grades are based on the perceived enthusiasm level & impact on space.
Hey, it’s their money; they can invest how they like.
Citadel’s Ken Griffin: “I don’t have a single portfolio manager who’s told me we should buy crypto, not a single portfolio manager,” he said last summer. Grade: D-
Bridgewater’s Ray Dalio: “Bitcoin is a bubble.” ‘Radical transparency’ meets digital assets; it’s a dud. Grade: F
Point 72 Steve Cohen: Gave venture money to Arianna Simpson’s crypto fund; a positive. But why not manage cryptos in-house. Grade: C+
George Soros: Reportedly “Got into” cryptos last year – but skeptics believe he did so to short the market. Grade: Pass/Fail Option. Pass (barely).
Einhorn, Paulson, Druckenmiller: Zzz. Grade: Incomplete
Jeffrey Gundlach of Doubleline: BTC causes changes in “social mood” and is a leading stock indicator. Like being noticed at the dance. Grade: B.
Until & unless the Swashbucklers get on the bus…