28 Oct '13, 7pm

Bitcoin Still A Bit Player For Hedge Funds

Bitcoin, the controversial cyber currency catching the eye — for better or worse — of some of the world’s most prominent investors, got a boost late last week when the leader of a well known hedge fund expressed his enthusiasm about the currency’s future. But Bitcoin still is a long way from mainstream hedge fund adoption. On Friday, Michael Novogratz, co-chief investment officer of the $55 billion Fortress Investment Group hedge fund, gave Bitcoin a ringing endorsement in a speech at a UBS investment forum in New York , stating he and a colleague at the fund had made personal investments in Bitcoin. Novogratz stopped short of linking the Fortress name to the controversial currency, though he did say that the firm had considered taking a position in Bitcoin but ultimately decided it was too speculative for the investors in its global macro funds. And despite a Bitcoin-rela...

Full article: http://www.buzzfeed.com/mariahsummers/bitcoin-still-a-bit...

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