Renowned bond investor Bill Gross said he had bought Bitcoin, which the cryptocurrency market received positively. He explained that everybody needs to have an alternative to the US dollar like BTC.
In the first quarter of 2022, the cryptocurrency market has fought hard against the bears. Even though the price of Bitcoin (BTC) tried to maintain USD 38,000 level, the pioneering cryptocurrency attracted major investor Bill Gross.
BTC is trading at around USD 40,554 and has accumulated a 1.2% loss in the last 24 hours. Its daily trading volume is above USD 19.70 billion, and its market capitalization is about USD 769.98 billion, according to CoinGecko.
A Growing Number of Investors Join Bitcoin
Bill Gross, also known as the King of Bonds, said that he had a small investment in Bitcoin. Since he used to criticize cryptocurrencies, it is relevant to know who he is and his current role in the market.
Gross is the co-founder of Pacific Investment Management Co. (PIMCO), and being a renowned bond investor justifies his nickname.
PIMCO started in 1971 with USD 12 million worth of assets under management, a figure that had grown to nearly USD 2 trillion by 2014. That led it to become the largest active fixed income fund management firm worldwide at the time.
Gross left PIMCO in 2014 to run a smaller fund with Janus Capital Corp, whose announcement made a significant impact on the market. The stock of that firm appreciated by 43% in that specific year.
However, the performance of Janus did not compare to what PIMCO has achieved. Gross announced his retirement in 2019, which leads to wondering why he is moving from bond investing to Bitcoin.
Bitcoin Emerges as an Alternative to Cash
Since 2020, many renowned investors have become aware of the need for a cash alternative. They have even considered an option to the current traditional financial system.
The COVID-19 pandemic and the war between Russia and Ukraine show how fragile the system is. In addition, they make it evident how a handful of people manipulate it to control the population.
Gross recently told the CNBC television channel that he had invested some money in Bitcoin. At that moment, he explained that everybody needs to have an alternative to the US dollar.
Like in the last two weeks, the investor explained there would be several survivors. Then he reiterated that he was an investor in Bitcoin to a small extent.
Of course, the cryptocurrency market received the news positively. After all, Gross is a new major investor who puts his trust in Bitcoin, the first cryptocurrency on the market.
Even though Gross has accepted to join Bitcoin, he considers that NFTs do not have the potential that most people see in them.
The former Bitcoin critic said that the NFT phenomenon reminds him of when his children used to collect Beanie Babies.
Bitcoin plays an increasingly relevant role in the economy, and investors like Bill Gross know it. For that reason, he decided to place his trust in the cryptocurrency created by Satoshi Nakamoto.
By Alexander Salazar
