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Fortress’s Novogratz Says Bitcoin Will Be ‘Worth a Lot’By Margaret Collins – Oct 24, 2013 9:51 AM PT

Fortress’s Novogratz Says Bitcoin Will Be ‘Worth a Lot’

Fortress (FIG) Investment Group LLC’s Michael Novogratz recommends investing in Bitcoin and said his firm has been evaluating the virtual money that exists only in digital form.

“Put a little money in Bitcoin,” Novogratz, principal and co-chief investment officer of macro funds at Fortress, said at a conference held today in New York by UBS AG’s chief investment office. “Come back in a few years and it’s going to be worth a lot.”

Novogratz said he sees Bitcoin growing as a payment system, especially in developing nations. Novogratz said he has put his own money in the virtual currency, without specifying how much. He has not invested in Bitcoin on behalf of Fortress, which managed $54.6 billion as of June 30.

“I have a nice little Bitcoin position,” Novogratz said. “Enough that I’m smiling that it doubled.”

Bitcoin was trading at about $210 today, according to Mt. Gox, the largest exchange for the digital currency.

To contact the reporter on this story: Margaret Collins in New York

By Margaret Collins – Oct 24, 2013 9:51 AM PT

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