Why this fund manager changed his mind on Bitcoin

One of the undercurrents in the world of investing over the past year or so has been the rise (or perhaps re-rise) of cryptocurrencies like Bitcoin (CRYPTO: BTC). Yes, markets have spent 11 of the past 12 months rising, usually enthusiastically. The S&P/ASX 200 Index (ASX: XJO) is up roughly 50% since 23 March last year. The US tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) Index is up almost 100% over the same period.

But all of these moves, which are independently very strong by historical standards, pale against what has happened with Bitcoin. Since 23 March last year, the price of Bitcoin has rocketed more than 600% (in US dollar terms). Just last month, the cryptocurrency set a series of new all-time highs, first rising…