BTC - Billionaires Are Selling Nvidia Stock and Buying an Index Fund That Could Soar Up to 5655% According to Certain Wall Street Analysts
2024-07-21 05:05:00 ET
Artificial intelligence (AI) has been one of the hottest investment themes on Wall Street this year, and Nvidia (NASDAQ: NVDA) has become the quintessential AI stock due to its leadership in machine learning processors. But certain Wall Street analysts see a substantial opportunity taking shape around Bitcoin (CRYPTO: BTC) due to the recent approval of spot Bitcoin ETFs.
Several successful hedge fund managers sold shares of Nvidia during the first quarter, while simultaneously buying shares of the iShares Bitcoin Trust (NASDAQ: IBIT) , one of the recently approved spot Bitcoin ETFs.
The three billionaires mentioned above are noteworthy because they run the three top hedge funds as measured by net gains since inception, according to LCH Investments. Readers should not interpret their trades to mean Nvidia is a bad investment, but rather that diversification has merits. Here's why the iShares Bitcoin Trust is a worthwhile long-term holding for risk-tolerant investors.
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Billionaires Are Selling Nvidia Stock and Buying an Index Fund That Could Soar Up to 5,655%, According to Certain Wall Street Analysts