Ex-Citi Trader's Bitcoin Exchange Skirts Currency Curbs

  • Bitcoin Mercantile Exchange has already turned profitable
  • Exchange lets investors take synthetic positions in stocks

Arthur Hayes

Photographer: Jerome Favre/Bloomberg

It was after Arthur Hayes got laid off from Citigroup Inc. in 2013 that he stumbled across one of the simplest ways to make money he’d ever seen. He was living in Hong Kong and saw the price of bitcoin across the China border was much higher. He hopped on a bus, opened a China account and started buying low in one market and selling high in the other. “It was too easy,” he says.

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