Bitcoin News Monday, March 12 Outspoken bitcoin uberbull, Big bet, Bitcoin misery index & more…


Bitcoin News TLDR / Table of Contents

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Hedge fund manager: I believe so strongly in bitcoin and other cryptos I put nearly all my money in them

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  • Brian Kelly, an outspoken bitcoin uberbull, told CNBC on Monday that he has nearly all of his money invested in cryptocurrencies.
  • That’s a big bet indeed, considering bitcoin and other cryptocurrencies make the recent spikes and plunges in the stock market look like child’s play.
  • Bitcoin, the world’s largest cryptocurrency, hit a record high of more than $19,000 in mid-December after soaring about 1,300 percent for all of 2017.
  • Asked whether he can tolerate letting his money ride in a market known for 10 to 20 percent gyrations any given week, Kelly said, I am comfortable with that.
  • Kelly said the bull case behind bitcoin and other cryptocurrencies is broader than thinking of them as a payment system one that is not accepted much in the real world and historically linked with illicit purchases online.

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Wall Street analyst creates new index that tries to tell you when to buy bitcoin

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  • Now is the time to buy bitcoin, according to a new misery index for the cryptocurrency created by a Wall Street strategist.
  • When the bitcoin misery index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance, Fundstrat Global Advisors co-founder Thomas Lee said in a Friday report.
  • As of Friday the index was around 18.8 on a scale of 100, telling us that bitcoin holders are miserable, right now, said Lee, who pointed out that it was the lowest reading since Aug. 2011.
  • Bitcoin over the last 12 months – – Bitcoin was trading more than 3.5 percent lower near $8,900 Friday morning, according to CoinDesk’s bitcoin price index.
  • Fundstrat’s Lee is the only major Wall Street strategist to issue regular reports and formal price targets on bitcoin.

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Cryptofunds poaching Wall Street talent amid digital currency boom

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  • Cryptocurrency and blockchain hedge fund Pantera Capital said Tuesday it is hiring former Deutsche Bank managing director William Healy.
  • The Wall Street veteran co-founded Deutsche Bank’s Hedge Fund Priority Client group and was a key player in establishing the German bank’s U.S. hedge fund strategy, according to Pantera’s investor letter published Tuesday.
  • Pantera, which has roughly $724 million assets under management, also announced the launch of its third blockchain-focused venture fund Tuesday.
  • Bitwise Asset Management, manager of the first cryptocurrency index fund, announced it will hire industry veteran Matt Hougan as vice president of research and development.
  • Cryptocurrency’s bringing together software people, who tend to be those younger stereotypes, but also pulling in financial community who are really excited about the birth of a new asset class or have been bored with low volatility or fee compression.

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[/vc_column_text][vc_column_text el_class=”topfeed-embedly”]Pantera crypto blockchain fund lands Deutsche veteran William Healy[/vc_column_text][/vc_column][/vc_row]