GBTC - Horizon Kinetics adds to Bitcoin bet during big first half

shaunl/E+ via Getty Images "There is no turning back after the pandemic and globally there is a debt problem and it means either default or currency debasement," Horizon Kinetics co-portfolio manager Peter Doyle tells the Financial Times. Thanks to bets on Bitcoin (BTC-USD), Hughes Corp. (HHC), and, of course, Texas Pacific Land Trust (TPL), among others, Horizon has three of the 10 best-performing mutual funds in 2021, according to Morningstar. Of Bitcoin, Horizon has been an investor since 2016, starting with a very modest stake in Grayscale Bitcoin Trust (GBTC) for their Paradigm Fund. Today, the GBTC investment accounts for 10% of the fund. A snippet from Murray Stahl and team's quarterly commentary: "Absent from the Fed's testimony last month was that the U.S. money supply expanded by 32% between January 2020 and May 2021 ... Somewhere in the economy, there is suddenly one-third more money volume, even though the

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Horizon Kinetics adds to Bitcoin bet during big first half