Hedge funds have been trounced by the stock market in recent years. Now they are eyeing a new asset class that might provide the big returns their clients pay them to produce: bitcoin and cryptocurrencies.
Bitcoin has risen nine-fold in the last 12 months and is trading at an all-time high. Ether has surged 30-fold this year. Most hedge funds aren’t even beating the S&P 500. Yet they profit handsomely for their underperformance, charging clients the standard 2% in fees and 20% in investments gains .
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