**Bitcoin's performance in 2024 has caught the attention of major US hedge funds, with over half of the top 25 now owning Bitcoin ETFs.**  This trend has been particularly evident in the first quarter of 2024, with prominent names like **Millennium Management** allocating **2.5% of its total assets under management** to Bitcoin, holding a staggering **27,263 BTC worth $1.69 billion.**  **Schonfeld Strategic Advisors** and **Point72 Asset Management** are also notable investors in Bitcoin ETFs.  This growing interest in Bitcoin coincides with a rise in cash reserves across US companies, indicating a growing confidence in the cryptocurrency as a **viable asset for diversification and hedging against traditional market risks.**

While Bitcoin's performance has outstripped major stocks and indexes, including the **S&P 500**, **Dow Jones**, **Apple**, and **Tesla**, **Nvidia** has outperformed Bitcoin in 2024, driven by the **artificial intelligence boom.**

Experts like **Peter Brandt** anticipate Bitcoin's relevance as a hedging asset growing, particularly against **gold**. He predicts Bitcoin's market capitalization could **rise 230% against gold after 2025.**  The **ARK Invest annual research report** concluded that **institutional portfolios** should have allocated **19.4% to Bitcoin in 2023** for maximized risk-adjusted returns.

<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDcvMzg4ODgwMmMtMjdiNy00ZGU5LWE4ZTAtMGIyYmY5YjZmYTg5LmpwZw==.jpg"></p><p>Millennium Management, holding 27,263 BTC worth $1.69 billion, has allocated about 2.5% of its $67.7 billion in total assets under management to Bitcoin.</p>