• The Bond King Purchases Bitcoin

  • Bill Gross (pictured), the billionaire fund manager called “the Bond King” by Fortune Magazine in 2002, disclosed in a recent interview that he purchased bitcoin.

    “As we’ve seen in the last week or two, we do need an alternative to the dollar, and you know, there will be multiple survivors, and I’m involved to a little extent in bitcoin,” Gross added.

    He used to be a crypto skeptic, as did everyone else, but in 2018, Jennifer Zhu Scott, dubbed one of the top 50 women in tech, tweeted at Davos:

    “I believe Bitcoin is causing a disruption in the gold market.” When compared to gold as a reserve currency today, Bitcoin can outperform it.”

    Gross is a co-founder of Pacific Investment Management Co. (PIMCO) and previously served as the manager of the $270 billion Total Return Fund (PTTRX).

    He is credited for developing active, aggressive bond investment, as bonds were previously stored in a vault rather than actively traded.

    Now that inflation is surging, he’s going bitcoin, declaring, “I do think there are survivors,” despite severe market instability.

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