Michael Novogratz, co-chief investment officer of macro funds at the $55bn Fortress Investment Group, says Bitcoin could be used as a cheaper way of transferring money in countries with weak banking systems, and that there could be money to be made from a Bitcoin bubble along the way.
He added:
“Will more and more merchants allow you to buy stuff with Bitcoin? We’ll see. My gut is yes, but you don’t need to know that to make a bet,” … “There are enough libertarian . . . [anti] government guys to at least make this a bubble.”
While Novogratz said that due to the small size of the Bitcoin market it is too speculative an investment for Fortress funds, he and another Fortress colleague had taken personal positions in currency three months ago.
More at The Financial Times: Bitcoin endorsed by top hedge fund manager (gated, but can be read with a free registration).
And more on Bitcoins here: 3 theories why bitcoins are going through the roof again
