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When Praetorian Capital’s Harris Kupperman invests in something, he expects a lot from it. Whether it’s uranium or Florida real-estate, he wants a five-fold investment. It doesn’t always work—his Mongolia Growth Group’s bet on its namesake country never really panned out and now mostly exists to publish Kupperman’s views on other things to his subscribers—but more times than not, it has, evidenced by Praetorian’s nearly 600% return over the last two decades. One of those investments, in bitcoin, did Kupperman one better, earning a six-fold profit over a few months. So why did Kupperman invest some cash in crypto?

“It’s a Ponzi scheme. It has no real function,” he says. “But there are moments in time when investing in Ponzi schemes is perfectly good. When they’re inflating, they’re very profitable to own….”

“About every 18 to 24 months, one industry freaks out and you get to buy one industry cheap,” Kupperman says. “That’s the story of my life. I’m patient—I wait until they completely lose their minds and then buy it.”

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