14 May 2014 / Investement News – More than seven times as volatile as the S&P 500, bitcoin has minted numerous millionaires but also lost about half its value in the past five months. Are you up for what could be a wild ride?
If so, a hedge fund launched Tuesday may offer an appealing opportunity. Dubbed Coin Capital Partners, the fund plans to apply a bullish buy-and-hold strategy toward the virtual currency. The fund is managed by Samuel Cahn, Sigmund Sommer and Drew Sommer. Both Sommers have experience mining, trading and investing in the currency.
“I think that bitcoin is a really exciting new technology and in many ways we are just on the cusp of consumer adoption,” said Mr. Cahn, managing partner of Coin Capital Partners.
Bitcoin, a digital currency that is immune to inflation and operates independently of any government, started out trading for less than one thousandth of a dollar in 2009. By November 2013, the value of the currency had soared to more than $1,100. That means someone who bought a dollar worth of bitcoins in 2009 would be worth more than $1 million if he or she had cashed out in November….. Read more
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