I really do notagree with Mike Novogratz too but I must admit it was a scary drop and you won't blame him for not going ahead with the fund because that drop was enough to make someone loose faith momentarily
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I think there was a perfect storm of events that caused the selloff and not necessarily anything fundamentally wrong with Bitcoin or cryptocurrencies--unless you ascribe the price manipulation theory. But its his money if he doesn't want to set the fund up yet that is his prerogative.
You are hitting something important here, @joeycrack. Big institutional money does not play around with this kind of volatility, unless they are gun-slinging hedge funds (armed with their trading robots, of course).