Eric Semler, chairman of healthcare tech firm Semler Scientific Inc., says many of his hedge fund peers are skeptical about Bitcoins future once US President Donald Trump leaves office.I think that they think it is a fly-by-night concept and that it is probably going to, after the Trump administration, go back down a lot, Semler told Coin Stories host Natalie Brunell on Thursday.Semler is confident that Bitcoin is a major playSemler, who also founded hedge fund TCS Capital Management in 2001, made his comments amid skepticism within the crypto industry about how long political support for crypto will last after US President Donald Trumps administration ends.
While Trump recently signed off on a Bitcoin (BTC) Strategic Reserve, some, like JAN3 founder Samson Mow, are concerned that support may potentially unravel under a future president.However, it isnt a concern for Semler, who has doubled down on the asset.
In May 2024, Semler Scientific became the second US publicly traded company to adopt a Bitcoin treasury strategy.Source: Eric SemlerOn Thursday, Semler Scientific announced plans to increase its Bitcoin holdings by nearly 23 times in the next two-and-a-half years, growing its holdings from 4,449 Bitcoin to 105,000 Bitcoin.
Semler is aiming to hold a total of 10,000 Bitcoin by the end of this year.Semler sees doubt from the traditional finance industry as a bullish signal.When youre making a bet on something that the majority doesnt believe in, and youre right, you make so much more money, Semler said.Eric Semler spoke to Natalie Brunell on Thursday.
Source: Natalie BrunellI think we got great opportunities to show people that basically theyre missing out on a great opportunity, he added.Semler said he has built a career on going against the grain.
The best investments Ive ever made have been in things that Im kind of the lone voice crying in the wilderness, he said.Those are the types of investments that have the highest returns, he said.I love the negativity; Im a contrarian investor.Surveys show hedge funds are turning to BitcoinIn October 2024, the Alternative Investment Management Association and PwC conducted a survey revealing that 47% of hedge fund managers trading in traditional markets are exposed to cryptocurrencies.Related: Bitcoin threatens $104K rug pull as trader says major move yet to comeCrypto exposure was 29% in 2023, while about 37% of the respondents said they had exposure to crypto in 2022.Back in June 2021, Intertrust Global surveyed chief financial officers from 100 hedge funds worldwide about their intention to purchase crypto assets.About 98% of them responded that they expect their hedge funds to have invested 7.2% of their assets in cryptocurrencies by 2026.Magazine: Arthur Hayes doesnt care when his Bitcoin predictions are totally wrong