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AI-driven hedge fund rules out bitcoin for lack of "fundamentals"

A Swedish hedge fund that returned roughly four times the industry average last year using artificial intelligence won’t touch Bitcoin, based on an assessment that the cryptocurrency doesn't  lend itself to sensible analysis.

Photo: Edgar Su/REUTERS / X90125

Patrik Safvenblad, the chief investment officer of Volt Capital Management, says the problem with Bitcoin and other crypto assets is that they "do not have accessible fundamentals that we could build a model on."

"When there is a crisis, markets generally move toward fundamentals. Not the old fundamentals but new, different fundamentals," he said in an interview. So if an asset doesn't provide that basic parameter, "we stay away from that," he said.

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