The investing community is abuzz as budding cryptocurrency Bitcoin just hit a new all-time high. We have our own opinions about the supposed dollar alternative. Here it goes…
“To me two of the biggest things in life are transparency and accountability, never mind in markets,” says Hedgeye CEO Keith McCullough when asked about investing in Bitcoin on The Macro Show earlier today. “I can’t invest in something that isn’t a two way market, meaning you can’t short Bitcoin institutionally. And it’s a market that’s not transparent.”
Senior Macro analyst Darius Dale offered some interesting insights too from a recent dinner with private investor Buddy Carter and his son, who is interning under billionaire and former Fortress Investment Group hedge fund manager Michael Novogratz. Novogratz has famously allocated 10% of his money to cryptocurrencies Bitcoin and Ether. The intel from Dale’s discussion about Novogratz might surprise you.