Bitcoin $500 Investition. Neueste Nachrichten
By Lauren Silva LaughlinReuters Breakingviews 3 Min Read A Bitcoin virtual currency coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, Their volatility is alluring when tranquil markets are depressing industry returns. But that can be a trap, as the investor well knows.
The result is painful for hedge funds, which rely Bitcoin $500 Investition sharp market moves to make their bets pay off. Digital money seems like the perfect antidote.
Bitcoin has risen fourfold since the start of the year, notwithstanding a 34 percent plunge in early September. Novogratz, who began dabbling in the digital realm after crashing out of Fortress two years ago, claims to have made enough money to buy a Gulfstream jet.
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There are problems with his strategy, though. Novogratz says the market is a massive bubble, meaning he must be counting on being a better market-timer than others.
That smacks of hubris considering his track record. The resulting losses helped lead to the closure of his fund and his retirement from Fortress.
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Exchanges have been hacked, causing big losses, and regulators from Beijing to Washington are starting to clamp down. Bitcoin enjoys a perception of scarcity, as only 21 million can ever be mined, but the potential for rivals is unlimited. Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
All opinions expressed are those of the authors.