Mike Novogratz Thinks Bitcoin Is Great

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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. [FT]

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