Confessions XX: Is Bitcoin going to a Million Dollars? (Apr 2005)

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Hedge fund manager, Hugh Hendry, invites his former colleague Tom Roderick, the manager of the Trium Macro Hedge Fund, to review this week's crash in cryptocurrencies. They draw parallels with the tech bubble of the late 1990s and the pyramid of leverage that lay behind the housing bubble in late 2006. They discuss bitcoin's coming of age. With values soaring past one trillion dollars, crypto is no longer a cheap out-of-the money call option on currency debasement. Downside volatility will feature as prominently as the upside. Finally, they venture that real world applications for the currency could take bitcoin beyond its peak price.

Hedge fund pirate Hugh Hendry, chronicle the inner workings of the uncorrelated and legendary Eclectica Fund. Hugh's monthly client letter is deployed as a hedge fund boot camp to reveal what he was thinking and why he made the decisions he did, in real time. No new Hedge Fund wannabee can afford to miss the journey to the present day where Hugh reveals and expounds upon his latest macro insights. 

This week he also chronicles his fight with his old boss, Crispin Odey, that saw them go long and short the same stock in their different funds and Hugh concludes by examining the social mood of ESG, why it is likely to create a further and huge up leg in commodity prices and why gold prices feel like bitcoin at 10,000

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