While the current Bitcoin bull market originated in the U.S. with President-Elect Trump’s victory, international funds and companies are hopping on the potential boost that an American bitcoin-friendly policy might bring to the cryptocurrency industry.

Verde Asset Management, a Brazilian hedge fund led by legendary figure Luis Stuhlberger, revealed that it had built a bitcoin position before the U.S. elections betting on President-Elect Trump’s victory and bitcoin-friendly developments. Also, Verde is betting that the U.S. dollar will keep strengthening and the Chinese yuan will slide.

In a letter directed to shareholders, Verde disclosed a small undetermined position in bitcoin, stressing that Trump’s asseverations on different areas should be trusted and not dismissed. Referring to subjects like deregulation, tariffs increase, anti-immigration policies, and promises of lowering taxes, Verde stressed:

We should take Trump seriously when he talks about the things he wants to implement.

Bitcoin is the last bet of Stuhlberger’s Verde, whose flagship fund has generated revenues of over 26,000% for its investors. While successful in the past, the fund is now facing steep outflows due to several bad moves helmed by Stuhlberger, including suffering corporate fraud and some mistimed investments after COVID-19.

Nonetheless, Verde guessed this movement right, as bitcoin has soared since Trump’s victory, and the Chinese yuan has marginally fallen. Also, there are talks about establishing a strategic bitcoin reserve in the U.S., a development that might bring other countries to consider the idea, exacerbating the already hot cryptocurrency market.

Read more: Trump’s Crypto Aide: U.S. Should Act Quickly to Incorporate a Strategic Bitcoin Reserve

Brazil is also preparing for the mass adoption of cryptocurrencies as part of its financial system. The central bank is currently drafting regulations easing the entrance of traditional finance institutions, including banks, brokerages, and investment platforms, to the cryptocurrency market.

Read more: Brazil Prepares to Let Tradfi Institutions Embrace Crypto

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