Even if Bitcoin is a Bubble: More of a Reason there is for Profit to be Made
Manager that left Fortress Investment Group after a losing streak of two years is in the way of initiating a $500 million hedge fund as an investment plan in cryptocurrencies, ICO and crypto-related companies.
The investor does support two ideas that walk different paths in the minds of many: Bitcoin is a great opportunity to invest but a big upcoming bubble.
The sum of $150 million from his pocket will be invested and then top up what is left – $350 mln from family offices, wealthy individuals and fellow hedge fund managers.
The Fund (in the event it is successful) it could be the biggest of its kind, but the investor himself as mentioned above has an interesting point of view of the market development that could take:
“This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
The latest price record swing and declining crash is the type of of market he would swim in as the investor states:
“I sold at $5,000 or $4,980,” he said. “Then three weeks later I’m trying to buy it in the low $3,000s. If you’re good at that and you’re a trading junkie, it’s a lot of fun.”
There have been lately very extremely-different opinions to read, when it comes to cryptocurrencies and trading.
JPMorgan Jamie Dimon did call bitcoin a fraud and worthless as nobody should trade it or who does should be fired. These not-enthusiastic about the ‘future technology’ are figuring out the regulation and China crackdown on bitcoin as a backup to their opinions.
On the other hand the supporters see these regulation as an opportunity to profit from while the market is restructuring:
“In a lot of ways, this is a market like any other market,” Novogratz said. “You see the psychology of fear and greed in the charts the same way you’d see it in charts of the Indonesian rupiah or dollar-yen or treasuries. They’re exaggerated because of less liquidity and because you can’t get short.”