Hedge fund manager: I believe so strongly in bitcoin and other cryptos I put nearly all my money in them "Like 90 percent," Brian Kelly estimates of his cryptocurrencies investment. "I run a fund. I have my money in that. I've got investments elsewhere." "But that's not for everybody," said the founder of BK Capital Management. "I'm making a big bet." https://www.cnbc.com/2018/02/12/hedge-fund-manager-has-nearly-all-his-money-in-bitcoin-other-cryptos.html?__source=twitter|main
This reminded me of how I traded years ago. I used to be over confident about trading a particular stock. Then I entered position with very big bet, very huge quantity & very wide stop loss. And I thought that was once in a life time , money-drop-from-the-sky golden opportunity. Such mentality can happen to anyone including Tom Dick Harry, workers, professionals, experts, fund managers ... as long as they are living things. Those were the days ....
Or maybe he's a pro that understands this asset class very well and the true risk of investing long-term in this market.
It's a DIGITAL ASSET fund, of course majority holdings is going to be in cryptos. It's just doing exactly what it advertised - providing exposure to cryptos. It would only be significant if a traditional hedge fund did that.
He saw an opportunity and opened a “crypto” fund. One of the first ones. Now he bills himself as a crypto genius, like that snake oil scumbag Altucher. Fleece the lemmings as long as you can. The Wall st way.
The way he argues is really funny. He said in the article: "But in the new year, bitcoin has been under pressure due to regulatory concerns, hitting a near-term low of under $6,000 last Tuesday. Since then, bitcoin has rebounded more than 40 percent." In reality from the top it lost 69.5% (from 19,000 to 6,000). From that bottom it went up 40%. So he is insinuating that 40 from the 69.5% are recovered and there are still 29.5% to go. But reality is that to recover from 6,000 to 19,000 it should go up 316,66%. So these 40% are merely 12.65% of the total recovery needed. In real money the story sounds clearly completely different from what the hedgefundmanager told.
Huh? That's the CNBC editor's statement not the hedge fund manager's Don't let your negative bias cloud your judgement
No matter who told it:reality is that to recover from 6,000 to 19,000 it should go up 316,66%. It is not a negative bias, it is just a correct statement to avoid that the article would cloud your judgement.
I was giving you the benefit of the doubt it was bias. You were using it to discredit the fund manager and imply cryptocurrencies are a scam.