Billionaires are piling into index funds, which could be up as much as 1,207% by the end of the decade
Several billionaires are piling into iShares Bitcoin Trust (IBIT). In the first six months of 2024, leading spot Bitcoin exchange-traded funds (ETFs) have attracted the attention of several prominent asset managers, including Israel Englander, David Shaw and Steven Cohen.
Israel Englander added 10.9 million shares of the ETF to Millenium Management's portfolio.
David Shaw's D.E. Shaw & Company bought 2.6 million shares of the ETF.
Steven Cohen purchased 1.7 million shares for Point72 Asset Management.
Meanwhile, multiple analysts and Wall Street insiders have set huge long-term price targets on Bitcoin (BTC), the underlying asset behind the iShares Bitcoin Trust. Ark Invest’s Cathie Wood said Bitcoin could hit $1 million or more by 2030. Bernstein analysts said it may not reach that milestone until 2033. Technology CEOs Michael Saylor and Jack Dorsey, who have invested heavily in Bitcoin through their companies, also expect Bitcoin prices to hit $1 million. This means that the Bitcoin price will increase by 1,207% over the next six years.
In the bull market, whether it will support or not, it is another opportunity to pick people up.
Finally, I would like to share with you that Musk’s concept meme project #Marvin is the only dog around Musk who has not been listed on Binance. The current market value is low and the potential is high. One day #MARVIN wakes up Musk again at five o’clock, and Lao Ma wants to tweet again. Well, the next squirrel must be Marvin!
