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 Hedge Fund Behind Mystery "Bitcoin To $50,000" Bet Revealed

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Hedge Fund Behind Mystery "Bitcoin To $50,000" Bet Revealed Vide
PostSubject: Hedge Fund Behind Mystery "Bitcoin To $50,000" Bet Revealed   Hedge Fund Behind Mystery "Bitcoin To $50,000" Bet Revealed Icon_minitimeSat Dec 23, 2017 5:48 am
The crypto space was thrown into chaos today [4] as the price of bitcoin and its peers plunged overnight, cementing the pioneering digital currency's worst week since December 2013, only to rebound dramatically into the close, wiping out virtually all losses. Also today, just as the rout was nearing its trough, we shared a story from the Wall Street Journal about a mystery trader who placed a $1 million bet [5] that bitcoin will climb above $50,000 by December 28, 2018.
That trade was a call option purchased on the LedgerX platform, which received permission from the CFTC over the summer to launch the first swap execution facility for the clearing of bitcoin-linked derivatives, and began trading in the fall, before CME and CBOE launched their own bitcoin futures. As the WSJ detailed previously, if bitcoin is below $50,000 on Dec. 28, 2018, the options will expire worthless, and the $1 million will be lost. But if bitcoin rises above that level, the options give the owner the right to buy 275 bitcoins for $50,000 apiece—a transaction that would cost $13.8 million.
Some more details on the trade mechanics from Privateer's Aaron Brown [6]:

http://www.zerohedge.com/news/2017-12-22/hedge-fund-behind-mystery-50000-bitcoin-bet-revealed
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