Despite bitcoin's price skid this year, one hedge fund manager holding the cryptocurrency says even if it flops the way Pets.com did in the dot-com era, his investors will still make money.
"If you had a portfolio of IPOs — one was Pets.com and one was Amazon.com — it doesn't matter what the rest were. You made a great return," Dan Morehead, CEO and co-chief investment officer of Pantera Capital, wrote in a letter to clients Friday reviewed by CNBC.
His letter to investors said that even if bitcoin were the proverbial Pets.com, which filed for bankruptcy in 2000, "you will probably do very well." The digital currency is down more than 38 percent this year, and was trading near $8,519 as of 12:08 p.m. ET Friday.
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