Bitcoin's Biggest Fans Are Hedge Fund Baby Boomers
It's the perfect talking point after an underwhelming year.
New fans are piling in.
Photographer: Ina Fassbender/AFP via Getty Images
Bitcoin is the ideal holiday gift for an underperforming hedge fund manager. Just ask SkyBridge Capital’s Anthony Scaramucci, who is diving in after his fund of hedge funds posted its worst annual performance since 2008. That’s unlikely to be a coincidence.
Whatever one’s misgivings about the sustainability of the cryptocurrency’s price rally — it has doubled in one month to a $35,000 record — it’s a happier tale to tell the market than the bad structured-credit bets that saw SkyBridge clients ask for their money back. At around $40 million, this crypto bet looks like a fig leaf next to the firm’s overall assets of $7 billion, but one in tune with the times.