Nvidia (NASDAQ: NVDA) has seen a remarkable 912% return since January 2023, the second best in the S&P 500 (SNPINDEX: ^GSPC). However, notable hedge fund managers, including billionaire Ken Griffin of Citadel Advisors and Steven Cohen of Point72 Asset Management, sold significant shares of Nvidia while increasing their investments in the iShares Bitcoin Trust (NASDAQ: IBIT) during Q1 2023. Griffin cut his Nvidia stake by 50%, selling 1.5 million shares, while adding 2 million shares of the Bitcoin ETF. Cohen also reduced his Nvidia shares by 50%, selling 2 million while buying 1.3 million shares of the Bitcoin Trust.
As of June 25, Bitcoin is up 15% this year, trading at $106,000, with projections from analysts suggesting potential values reaching $500,000 by 2028, implying a 370% increase from current levels, and up to $13 million by 2045, indicating an extraordinary 12,160% upside. The rise of institutional interest in Bitcoin and favorable regulatory developments could support further price increases.
