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Hedge Fund Manager Endorses Bitcoin

bitcoinsNew York (HedgeCo.Net) – Michael Novogratz, co-CIO of macro funds at hedge fund manager Fortress Investment Group has said that Bitcoin could be used as a cheaper way of transferring money in countries with weak banking systems.

“Put a little money in Bitcoin…Come back in a few years and it’s going to be worth a lot.”

“Novogratz said he sees Bitcoin growing as a payment system, especially in developing nations. Novogratz said he has put his own money in the virtual currency, without specifying how much. He has not invested in Bitcoin on behalf of Fortress, which managed $54.6 billion as of June 30.” Bloomberg reports.

“I have a nice little Bitcoin position,” Novogratz said. “Enough that I’m smiling that it doubled.”

“Will more and more merchants allow you to buy stuff with Bitcoin? We’ll see. My gut is yes, but you don’t need to know that to make a bet,” … “There are enough libertarian [anti] government guys to at least make this a bubble,” he concluded.

The world’s first Bitcoin ATM is set to go live next week in Vancouver.

Alex Akesson
Editor for HedgeCo.net
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