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Author Topic: 2013-10-24 Financial Times -Bitcoin endorsed by top hedge fund manager  (Read 2201 times)
BitChick
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October 25, 2013, 12:56:26 AM
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from the article:
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Mr Novogratz may be the most prominent Wall Street figure to admit to dabbling in Bitcoin

Glad to see someone on Wall Street is smart enough to have figured out how great Bitcoin is!

http://www.ft.com/cms/s/0/5e972afe-3cce-11e3-a8c4-00144feab7de.html#axzz2iguPGr28

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October 25, 2013, 01:00:50 AM
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BitChick
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October 25, 2013, 01:05:42 AM
 #3

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Bitcoin endorsed by top hedge fund manager

By Stephen Foley in New York


Financial advisers who gathered in New York to hear leaders of the asset management industry impart their best investment ideas for the year ahead were given a surprising tip by one prominent hedge fund manager: Bitcoin.

Michael Novogratz, co-chief investment officer of macro funds at the $55bn Fortress Investment Group, used a panel discussion on the prospects for emerging markets to trumpet the much-hyped digital currency, which he said could be used as a cheaper way of transferring money in countries with weak banking systems.

 Even if that did not come to pass, he said, there could be money to be made from a Bitcoin bubble along the way.

Speaking after his appearance at the UBS Wealth Management CIO Global Forum in New York, Mr Novogratz said that he and another Fortress colleague had taken personal positions in the yo-yoing currency three months ago.

Fortress itself looked at the idea. The market capitalisation of the entire stock of Bitcoin in existence is $2.2bn, and Fortress decided it was too speculative an investment for its own funds.

Bitcoin was launched in 2009 by an unknown computer scientist as an alternative to government-backed currencies. The stock of “coins” is limited, growing only according to a predetermined algorithm, and its value is untethered to anything except speculators’ belief in its future growth.

“Will more and more merchants allow you to buy stuff with Bitcoin? We’ll see. My gut is yes, but you don’t need to know that to make a bet,” Mr Novogratz explained on the conference sidelines.

“There are enough libertarian . . . [anti] government guys to at least make this a bubble.”

The price of Bitcoin has soared since the US Department of Justice moved to shut Silk Road, an online marketplace for drugs and other contraband, earlier this month.

Entrepreneurs who are trying to build businesses based on Bitcoin, and those seeking licences to act as legitimate money transfer businesses, welcomed the raid as an important step in Bitcoin’s evolution from an underground currency to a potentially disruptive payments technology.

Bitcoin was trading at $124 before the raid and was $206 on Thursday.

Mr Novogratz may be the most prominent Wall Street figure to admit to dabbling in Bitcoin. Before joining Fortress in 2002, he spent 11 years at Goldman Sachs, and he is a member of the New York Federal Reserve’s investment advisory committee on financial markets.

He declined to reveal how much he had spent on Bitcoin but said: “Enough that I am smiling that it has doubled.”

Bitcoin’s other investors include the Winklevoss twins, who are also trying to launch an exchange traded fund backed by the currency. Venture capital firms have preferred to invest in entrepreneurs building Bitcoin businesses, rather than the currency itself.

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October 25, 2013, 01:44:40 AM
 #4

Quote
The stock of “coins” is limited, growing only according to a predetermined algorithm, and its value is untethered to anything except speculators’ belief in its future growth.

I love how these journalists throw the "algorithm" expression at the way the supply limit is governed; I've seen the code that does all such predetermining. It's only one line. Maybe that counts as an entire algorithm to some, I'm not sure programmers would see it that way.

Lols at "value is untethered to anything" reassertion. People will generally begin to understand why the obverse is true, that Bitcoin's money value is perhaps unprecedented, and that it's money as they know it which is "untethered to anything".

Vires in numeris
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October 25, 2013, 12:12:40 PM
 #5

and the interesting thing is in my opinion: normally people dont want bubbles but every bubble brings bitcoin more into mainstream.
maybe he can teach some of his old goldman guys to come on board, then the US gov is also fine with bitcoin   Tongue


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October 25, 2013, 05:11:02 PM
 #6

That's good news, one more positive vote for the success of the ETF that's on it's way soon hopefully.

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October 25, 2013, 06:09:26 PM
 #7

Novogratz is not the only one. There were several folks from Fortress at the NYC conference a few months ago.  Professionally and personally, they are paying a lot of attention to this space.
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October 25, 2013, 06:10:28 PM
 #8

Novogratz is not the only one. There were several folks from Fortress at the NYC MediaBistro conference.  Professionally and personally, they are clearly paying a lot of attention to this space.


And they have money and know people that do.  Grin

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October 26, 2013, 05:59:14 AM
 #9

Novogratz is not the only one. There were several folks from Fortress at the NYC MediaBistro conference.  Professionally and personally, they are clearly paying a lot of attention to this space.


And they have money and know people that do.  Grin

Correction, they have fiat FRN's and other proxies for money, but not bitcoin yet apparently.

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November 04, 2013, 09:22:55 PM
 #10

I don't think this news is being given the extreme respect it deserves!

This is one of THE ENEMY... The FED, Goldman Sachs... BITCOIN'S GREATEST THREAT... Buying bitcoin and loving it!

Quote
...he spent 11 years at Goldman Sachs, and he is a member of the New York Federal Reserve’s investment advisory committee on financial markets.

He declined to reveal how much he had spent on Bitcoin but said: “Enough that I am smiling that it has doubled.”

Holy hot tamales batman! This pretty much means that we're going to see bitcoin in the huge multi-hundred-billion dollar hedge funds... Maybe even all of them!

Hold onto your coins tight; we're going for a ride!

Luke Parker
Journalist, BraveNewCoin
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November 04, 2013, 11:09:36 PM
 #11

I thought it was pretty big news.  It makes all the posts about BTC being $1000 each next year highly likely.  It is just a matter of time now I would think.

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