Meanwhile Group, a company supported by Sam Altman and Gradient Ventures, has introduced a new private credit fund denominated in Bitcoin. The fund aims to provide investors with a conservative yield in Bitcoin while lending funds in BTC to institutional counterparties. By vetting loan recipients, the fund aims to mitigate risks associated with retail platforms that primarily lend to individuals. The fund will convert U.S. dollars contributed by investors into BTC, and loans will be originated and fees charged in cryptocurrency. This move aligns with the increasing interest from institutional investors in Bitcoin and other cryptocurrencies. Despite a financial market downturn, Bitcoin has shown resilience by reaching a 19-month high, highlighting its low correlation with traditional macro assets. The anticipation of the approval of spot Bitcoin ETFs in the United States is driving gains in Bitcoin. The correlation between Bitcoin and global shares and spot gold has diminished since the beginning of the year.
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