Friday, May 26, 2017

Prominent Hedge Fund Founder Says Bitcoin Could Reach $1 Million

Founder of Eclectica Asset Management Says He Would Buy Bitcoin

Hugh Hendry Says Bitcoin Could Reach $1 Million

Hugh Hendry Says Bitcoin Could Reach $1 Million

Founding partner and chief investment officer of Eclectica Asset Management, Hugh Hendry, told Investment Week that he would buy Bitcoin with his fund if it was traded on a regular exchange. Speaking very positively about Bitcoin, Hendry said, “This is the environment where Bitcoin could go to $1million.”

From the Investment Week story:

“Eclectica’s Hugh Hendry has said he would buy into online currency Bitcoin if it were feasible to do so within his funds.

Hendry has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”.

All US-listed 3D printing stocks are trading on at least 50 times earnings, but Hendry said he has little concern over the sector’s sky-high valuations.

‘We are in 3D printing stocks. I say to my team ‘don’t tell me the valuations, it is trending,’ he said, speaking at a Harrington Cooper conference at which he also revealed he is no longer bearish.

The power of those trends is such that Hendry said he would own Bitcoin if it was accessible on a regular exchange. The value of the volatile online currency passed $1,000 per coin for the first time last week.

‘This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would.’”

Read the full story here>>

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