(U Today) - Billionaire ''Bondking'' investor Bill Gross Says that aside from trading meme stocks for profit, he is a small investor in Bitcoin. Bill Gross is a renowned bond investor, once dubbed the "King of Bonds." He cofounded the Pacific Investment Management Co., PIMCO. The American investor and fund manager says he is dabbling in cryptocurrencies despite having mixed sentiment about it.
On the heels of this, Billionaire Ken Griffin, one of the fiercest critics of cryptocurrencies, seems to have softened his stance on digital currencies. The CEO of investment firm Citadel and the famous hedge fund manager admitted he has not been right on his crypto call all the way.
Griffin had previously derided cryptocurrencies as a "jihadist call" against the dollar, but stated this week that "crypto has been one of the biggest tales in finance over the last 15 years."
Griffin, who is the world's 40th richest person according to Bloomberg, with a net worth of $30.4 billion, stated that while he isn't ''totally sold on crypto," his Citadel investment firm cannot ignore the space any longer.
Institutional investors to drive Bitcoin price up
As previously reported by U.Today, Swiss Bank SEBA CEO Guido Buehler answered when asked what might drive the Bitcoin price up in 2022: "Institutional money will probably drive the price up."
He further stated that his firm's models see Bitcoin rising to $75,000 in 2022. Bitcoin presently trades up at $41,460 at press time, after a rebound from earlier lows of $40,800. Bitcoin remains down nearly 40% from all-time highs of $69,000 attained on Nov. 10, 2021.
"We believe the price is going up, our internal valuation models indicate a price right now between $50,000 and $75,000, I'm quite confident we are going to see that level. The question is always timing," the CEO stated.
By Tomiwabold Olajide
03/04/2022
