Bitcoin Popularity Impresses Hedge-Fund Manager Paul Singer
Investors were impressed by the virtual currency Bitcoin’s popularity and skeptical of its long-term prospects, said Paul Singer, hedge fund manager and founder of $23.3 billion Elliott Management Corp.
“There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer and we always look at babies with hope,” Mr. Singer wrote.
Bitcoin last traded at about $846, up more than 40 times over the past year, as measured by the CoinDesk Bitcoin Price Index.
Instead, Mr. Singer encouraged investors to consider gold, which he wrote was “currently available at a good price.” As The Wall Street Journal reported earlier this month, some hedge fund investors have been taking advantage of gold’s largest annual decline in 32 years to increase their bullish gold wagers.Source: Wall Street Journal