The executive resigned from the company founded by billionaire Ray Dalio. The investor highlights that many sectors have started to understand the potential of Bitcoin.

Hedge fund Bridgewater Associates CFO John Dalby left his position in the company to join the bitcoin investment firm New York Digital Investment Group (NYDIG). The executive’s appointment comes amid the institutional adoption of bitcoin (BTC) as an equity asset across multiple companies worldwide.

Dalby left his position at the world’s largest hedge fund to become the chief financial officer of NYDIG, one of the US corporations that have shown prominent support to bitcoin, seeing its potential as a financial instrument. For the director, industries are following more closely every BTC step, as they are seeing the currency as a real innovation within the economic structures.

Dalby expressed in a press release by NYDIG that most sectors understand the potential of Bitcoin and more customers are looking for ways to access it safely. Dalby shares NYDIG’s vision of Bitcoin’s ability to bring economic empowerment for all.

Traditional Finance might Welcome Bitcoin

The director’s choice to leave the world of traditional finance to join the bitcoin ecosystem is a sign that the cryptocurrency industry is awakening a lot of interest among senior executives. Companies like MicroStrategy or Tesla, as well as other investment funds, are integrating bitcoin into their treasuries.

Dalby’s incorporation into NYDIG turns out to be more relevant as it leaves a conglomerate founded in 1975 by billionaire investor Ray Dalio. In total, Bridgewater Associates currently handles more than $ 140 billion in assets, leaving other funds like Renaissance Technologies behind.

Dalby had a previous career with financial services companies such as UBS Americas, D.E. Shaw Renewables Investments, and Bridgewater Associates itself. The executive might contribute investment solutions for institutional clients in the group.

Robert Gutmann, Co-Founder, and CEO of NYDIG said that working in Bitcoin is what many of the best and brightest employees are looking for. NYDIG is uniquely positioned to bring users a solid platform, resources, and culture to shine in pursuit of the mission to bring Bitcoin safely to the world.

NYDIG recently caught media attention as it raised $ 100 million to set an expansion for bitcoin among the insurance industry. The company also received another $ 200 million from Soros and Morgan Stanley to improve its business archetype.

What is Bridgewater Associates?

Bridgewater Associates is a global macro hedge fund created by Ray Dalio in 1975. It manages $ 160 trillion on behalf of 350 of the largest global institutions, including pension funds, university funds, and foundations, among others.

Bridgewater pioneered big data, machine learning, and algorithmic programming techniques to create and constantly improve inexpensive machines. An “economic machine” is Bridgewater’s proprietary term which describes the reduction of complex economic systems into interdependent actions and flows, supported by cause-and-effect relationships, around which the company negotiates.

Bridgewater also managed in the early years the alpha overlay and risk parity investment/portfolio management, as well as strategies leveraged by its Pure Alpha and All Weather Flagship Funds, respectively. In 2006, the company transitioned, putting the traditional investment focus from its portfolios to an end.

By: Jenson Nuñez

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