Early this week my colleague Danny Nelson reported that billionaire investor and author Ray Dalio’s Bridgewater hedge fund, one of the largest and most influential capital managers in the world, may be gaining exposure to crypto. This is a significant advance on one of the “narratives” that many industry commentators think will lead to the “mass adoption” of crypto assets: Institutions will lead the way. Essentially, ever since crypto was first created (god bless you, Mr. or Ms. Nakamoto), people have said that “the institutions are coming,” and that the influx of capital from banks, money managers and the like will send token prices skyward.
