A bitcoin, often called a cryptocurrency, has become the preferred alternative investment tool in recent years as the price of bitcoin has soared in recent months.
But some investors, including some of the world’s largest asset managers, are not so happy about the way they’re being treated.
“I’m a little disappointed, because it’s hard to get the same level of confidence from an investor when you’re being compensated for that,” said Matt McLean, senior portfolio manager at investment firm Zacks Investment Research.
“The way you’re getting the money back is not transparent.
The only way you know if you’re actually getting the full amount you’re making is through your cash flow, which is not the case with bitcoin.”
McLean and others said bitcoin is a bubble that has been driven by a handful of people who have huge money, including former hedge fund manager Anthony Scaramucci, who has built up a vast personal fortune.
“It’s a very opaque market and it’s been a lot more difficult to track,” said McLean.
“Bitcoin’s not an investment. “
It’s an investment in a bunch of people with massive money.” “
Bitcoin’s not an investment.
It’s an investment in a bunch of people with massive money.”
Bitcoin and other cryptocurrencies, also known as digital currencies, are widely accepted as an alternative to traditional financial instruments such as stocks and bonds.
Investors and politicians have embraced the currency, with many calling for the government to regulate the technology to prevent it from being used for criminal or illegal activity.
The rise of cryptocurrencies in recent weeks has created a buzz about what they are, and how they might affect the financial system.
Bitcoin is a decentralized virtual currency created in 2009 by an anonymous programmer who has no formal business ties to any government, which means it is not backed by a central bank.
It is not issued by any government or institution and has no value outside of its users.
Unlike traditional financial investments, cryptocurrencies are not backed either by government or banks.
In an interview with Bloomberg News last week, McLean said he did not see the use of bitcoin as a risk, and that there are many ways investors could earn returns from bitcoin.
It’s possible to make money off of it, he said, and there are a number of ways to do it.
He noted that bitcoin transactions are generally faster and cheaper than traditional financial transactions and that the blockchain technology underpinning bitcoin, which was developed by the Internet Research Agency (IRA), is an immutable ledger that can be changed by anyone.
McLeod said it was unlikely that his firm would have done well with bitcoin without McLean and Scaramuci.
A few weeks earlier, McLeod had warned investors not to buy into bitcoin, saying the market was “very volatile” and that it is too hard to track.
At the time, he also told investors that he was concerned about the risks of trading in the virtual currency, and he urged people to “invest cautiously.”
At least five prominent hedge fund managers have resigned over the cryptocurrency bubble, including Scamucci.
Since then, other financial advisers have also stepped away from bitcoin, and McLean has said he will not be able “to sell my position” in the asset management firm he started in 2011.
Scamucci was replaced by former Trump campaign adviser Paul Manafort last week after he resigned from his position as chairman of the Trump Organization.
McLean said some investors who are buying into bitcoin have been surprised by the price surge in recent days, including one of his clients, the investor who invested $10 million in bitcoin.
“The volatility is very, very high,” McLean told Bloomberg News.
“And they’ve been able to make some quick money on that, and it looks like there’s a lot of people that have done it.”