According to Recent Reports According to the Wall Street Journal, Mark Casey, equity portfolio manager for Capital Group, is actively betting on Bitcoin despite being a follower of Warren Buffett, founder of Berkshire Hathaway.
Casey is betting on Bitcoin as he believes that major cryptocurrencies by market capitalization can ultimately replace gold as the main store of value.
He claims that Capital Group considers flagship cryptocurrency as a commodity. It is worth noting that the Los Angeles-based investment manager boasts assets worth around $3 billion.
An influential portfolio manager who emerged as one of the most vocal bitcoin supporters of traditional finance believes that Bitcoin can ultimately outweigh the market capitalization of the yellow metal. At the same time, he doesn’t think other cryptocurrencies are worth anything at all.
A big bet on Saylor
Capital Group made waves in 2021 by acquiring a massive $500 million stake in Michael Saylor’s strategy (previously the micro strategy). Initially, it owned more than 12% of the company, but its equity has shrunk to 8% due to dilution.
After Strategic stocks experienced enormous gatherings, Capital Group shares have now valued more than $6 billion.
Additionally, the Investment Managers Group is betting on other prominent Bitcoin finance companies, including Japan-based Metaplanet.
Stocks plummet
Over the past two months, Bitcoin finance companies have been degraded badly. This indicates that investor enthusiasm has begun to fade.
Furthermore, as reported by U.Today, JPMorgan analysts have recently warned that strategies that did not reach the S&P 500 could be an ominous sign for other Bitcoin finance companies.