by Tyler Durden Friday, May 07, 2021 - 12:41 PM In early 2020, shortly after we correctly predicted that institutional buying of bitcoin would send the cryptocurrency soaring (and just before Elon Musk announced that Tesla had purchased $1.5 billion in bitcoin), we said that the next big catalyst for Bitcoin would be when Bridgewater, the world's largest hedge fund, announces it had started purchasing bitcoin. The reason for this was a dramatic reversal by the formerly Bridgewater founder (and one-time bitcoin skeptic) Ray Dalio who in late January said that "I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and Bitcoin wont escape our scrutiny."