}
Overnight, [Bloomberg reported](https://www.bloomberg.com/news/articles/2020-12-16/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing) that a new Hedge Fund has been set up and has committed to owning $1 Billion dollars worth of Bitcoin and Ethereum by early 2021.
It has bought more than $600 million worth of crypto so far. That might sound like a lot but to put that in perspective, that amounts to only about 0.1% of the $600 billion crypto market capitalization.
According to the CEO, the flows into digital assets are only just beginning and Covid-19 has provided the catalyst for this change. With fiat currencies being continually devalued, these digital assets provide a hedge.