Sun, Sep 24, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Delivering Alpha roundup - managers hate bitcoin, love store brands

Wednesday, September 13, 2017

Bailey McCann, Opalesque New York:

Investment managers really hate bitcoin. At least that was the overwhelming takeaway from the panels yesterday at the CNBC Institutional Investor Delivering Alpha Conference in New York. When asked, nearly every manager at the event suggested that bitcoin was overhyped and potentially dangerous. JP Morgan's Jaime Dimon went so far as to call it a "fraud".

"Let's talk about a bubble I have no interest in - bitcoin," Saba Capital Management's Boaz Weinstein said from the stage during a panel that was supposed to be about debt. "People watch it go from zero to four thousand and they get FOMO. That's all it is," he added.

That hatred also extends to bitcoin's underlying ledger technology blockchain as well as the rampant growth of initial coin offerings which allow entities to create their own virtual currencies. ICOs have been in the news lately, following an announcement from Chinese regulators that they were cracking down on the offerings, citing concerns about the rigor of all of these new virtual tokens.

Only one manager - Social Capital's Chamath Palihapitiya was willing to come out in support of bitcoin and blockchain. "We've been massively long [bitcoin] since the beginning," he said during a separate panel. "When it comes to this technology the genie is out of the bottle." Notabl......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. iCapital Network enters deal to acquire innovative U.S. private equity access fund platform from Deutsche Bank[more]

    Komfie Manalo, Opalesque Asia: Financial technology platform iCapital Network has entered into a definitive purchase agreement to acquire the US Private Equi

  2. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2

  3. Launches - Orchard launches new credit platform, ETN based on hedge fund to launch on the LSE[more]

    Orchard launches new credit platform Orchard Platform has rolled out Deals as a part of its new platform launch. With the addition of Deals to their suite of technology solutions for loan originators and institutional investors, Orchard Platform takes the next step in their evolution. De

  4. Neuberger Berman closes $1.1bn Credit Opportunities Fund[more]

    Neuberger Berman, a private, independent, employee-owned investment manager, announced that NB Private Equity Credit Opportunities Fund LP closed on $1.1 billion of limited partner commitments. The Fund seeks to invest in the secured and unsecured debt of private equity-backed companies, primarily i

  5. Capital Dynamics launches mid-market private credit business[more]

    Capital Dynamics, a global private asset manager, has launched a dedicated Private Credit Asset Management business. Experienced industry executives Jens Ernberg and Thomas Hall have joined Capital Dynamics to co-lead the company's new private credit initiative. They are based in Capital Dynamics' N