26 Dec '13, 6pm

bitcoin

Investors looking for a way to make money from the global bitcoin bonanza should steer clear of the pseudo currency itself and instead follow Li Ka-shing's lead: buy in to the firms providing the services that bitcoin holders use. That's according to John Greenwood, the London-based chief economist of Invesco who designed Hong Kong's pegged currency regime. "Just like investors in days gone by made more money out of selling shovels and picks to gold-diggers than anyone ever made out of the gold mine, he is investing in the peripheral activity that bitcoin has generated," Greenwood said. Asia's richest man, Li Ka-shing has invested in BitPay, the digital currency equivalent of PayPal, through his venture capital company, Horizons Ventures. A spokeswoman for Horizons Ventures said the group would not comment on the details of the investment. BitPay said it was "fortunate to ...

Full article: http://www.scmp.com/business/banking-finance/article/1390...

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