Tag Archives: White Shoe Boys

Mt. Gox Suitors Launch Last-Ditch Bid To Revive Bitcoin Exchange

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“U.S. investors seeking to revive Mt. Gox have launched a last-ditch effort to convince a Japanese bankruptcy court to support their proposal after the failed bitcoin exchange announced it would abandon a rehabilitation plan and instead move to liquidate its assets. As part of this effort, the investor group has launched a website, savegox.com, to explain its proposal and create a mechanism for Mt. Gox’s 127,000 creditors to express their support for it.  The group’s proposed new exchange would be led by John Betts, who built electronic trading platforms at Goldman Sachs Group Inc. and Morgan Stanley in New York.”

http://online.wsj.com/news/articles/SB10001424052702304810904579507980740114154

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Wall Street’s Fair Value of Bitcoin – Inside Bitcoins NYC 2014

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“An increasing number of Wall Street firms are beginning to make make forecasts about the price and impact of Bitcoin. From Merrill Lynch’s 14 page research report that implied a fair value of $1,300 for Bitcoin, to Wedbush Securities prediction that Bitcoin represents a long term threat to Visa and MasterCard, Wall Street is taking notice. Thought leaders from Wall Street will discuss the new frameworks they’re developing to understand Bitcoin, the potential value of the crypto currency, and the global impact they’re telling clients that Bitcoin could have across the global financial, technological, and consumer landscape.”

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Fund Manager Jeremy Grantham Blasts the Fed

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“The Fed can manipulate stock prices. That’s perhaps the only thing they can do. But why would you want to get an advantage from the wealth effect when you know you are going to have to give it all back when the Fed reverses course. At the same time, the Fed encourages steady increasing leverage and more asset bubbles. It’s clear to most investing professionals that they can benefit from an asymmetric bet here. The Fed gives them very cheap leverage on the upside, and then bails them out on the downside. And you should have more confidence of that now. The only ones who have really benefited from QE are hedge fund managers.”

http://www.thedailybell.com/news-analysis/35154/Fund-Manager-Blasts-the-Fed/

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As Bitcoin Companies Mature, More Take Talent from the Mainstream

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“Andy Goldstein worked at Visa for 16 years before taking a job at BitPay, a Bitcoin merchant services startup.  At Visa, Goldstein was most recently senior business development leader in the merchant sales and solutions group. He is now a regional sales manager at Atlanta-based BitPay, focused on integrating large enterprise merchants in the eastern U.S. and eastern Canada.  Goldstein resigned from Visa but left the company on good terms. ‘Some of my fellow co-workers were excited that I was pursuing my passion as I did not keep it a secret that I was very into Bitcoin and cryptocurrencies,’ he says.”

http://www.paymentssource.com/news/as-bitcoin-companies-mature-more-take-talent-from-the-mainstream-3017408-1.html

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New Active Trading Bitcoin Fund Seeks UK Investors

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“The Bitcoin Superfund will use a combination of algorithmic and human trading to achieve a higher rate of return than a simple ‘buy-and-hold’ strategy, its founders claim.  There is no specific launch date at present, but the Superfund is in the process of identifying institutional and high-net-worth investors to reach a target of £5m ($8.3m) under management at launch.  However, the fund is seeking Financial Conduct Authority (FCA) approval to operate in the UK, but with the FCA yet to issue any definitive statement on bitcoin, it is unclear how long this will take or if it will be possible.”

http://www.coindesk.com/new-active-trading-bitcoin-fund-seeks-uk-investors/

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Can bitcoin absorb hundreds of millions in institutional capital?

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“The bitcoin market is about to get slammed with more capital and more trading sophistication than it’s ever faced. Anyone who tells you they know what the impact of this inflow will be is smoking their own supply.  SecondMarket isn’t the only group bringing sophisticated investors into the bitcoin fold. Silbert’s suggestive tweet comes on the heels of Pantera Capital announcing the first close of $150 million in institutional capital for its Pantera Bitcoin fund earmarked for bitcoin trading.  In other words, bitcoin is about to go from a niche, hobbyist market to a mainstream one frequented by professionals.”

http://pando.com/2014/03/25/can-the-bitcoin-market-absorb-hundreds-of-millions-in-institutional-capital-were-about-to-find-out/

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Noted value investor Bill Miller owns bitcoin

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“‘The thing about bitcoin that is so interesting is the addressable market here,’ said Miller, former chairman of Legg Mason Capital, on CNBC’s Closing Bell. ‘Gold alone has an $8 trillion market value, bitcoin has about a $7 billion market value, so if it’s only 10 percent as successful as gold you get 100 times your money.’  The noted stock picker said he started buying bitcoin personally after the Mt.Gox exchange collapsed earlier this year. ‘When that didn’t destroy, in essence, the underlying psychology of it, it looked to me like it probably had a decent base of around $500 per coin,’ he said.”

http://www.cnbc.com/id/101532377

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Bitcoin hedge fund launches with Silicon Valley and Wall St. support

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“Fortress has invested directly in Pantera Bitcoin Partners, the limited liability company overseeing Pantera’s Bitcoin fund. Moreover, all future purchases of Bitcoin or other crytpocurrencies by Fortress and its principals will be made via Pantera.  In addition to Fortress, Pantera has received investments from venture capital firms Benchmark and Ribbit Captial. Those three firms also recently partnered to invest $20 million into Bitcoin ‘vault’ company Xapo, which happens to hold Pantera Bitcoin Fund’s assets (Pantera also made a small co-investment on that deal, which had not been previously disclosed).”

http://finance.fortune.cnn.com/2014/03/18/bitcoin-hedge-fund/

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Goldman Sachs: Bitcoin Isn’t a Currency But Tech Holds Promise

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“A new Goldman Sachs report on digital currencies has found that while bitcoin is not a practical currency, its underlying ledger technology could hold promise.  In addition to its own researchers and scholars, Goldman Sachs also tapped a number of bitcoin advocates and critics, as well as industry veterans. Goldman Sachs envisions a future with more regulation and more security, but more regulation is not something that many in the bitcoin community desire at this point.  However, institutional investors will not get on board without a bulletproof regulatory framework and the collapse of Mt. Gox is bound to silence many critics.”

http://www.coindesk.com/goldman-sachs-bitcoin-isnt-currency-underlying-tech-holds-promise/

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Web Pioneer Marc Andreessen Keeps Faith, and Cash, in Bitcoin

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“Venture-capital firm Andreessen Horowitz, where Mr. Andreessen is a co-founder and partner, has made about $50 million of investments in the area—believed to be more than any other firm—from a $1.5 billion fund, the firm says. The Palo Alto, Calif., firm plans to invest hundreds of millions of additional dollars over the next few years from other funds, people familiar with the firm say.  Like the Internet, bitcoin will emerge as an accepted technology, Mr. Andreessen argues, as it becomes more regulated and consumers and businesses become more comfortable with the idea of digital currencies. With those changes, he predicts, the subversive politics often associated with the currency will fade.”

http://online.wsj.com/news/articles/SB10001424052702304026304579453501821936252

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