Jim Chanos, president and founder of financial advisory group Kynikos Associates, has voiced his skepticism on the legitimacy and intrinsic value of Bitcoin, the largest cryptocurrency in existence. Chanos, who is best-known as an ardent short seller, says the digital currency is a speculation game that poses under the guise of technological disruption. He also notes Bitcoin is not a good method to store the value as it would fail during a crisis.
Microsoft co-founder Bill Gates said Bitcoin and other cryptocurrencies are "kind of a pure 'greater fool theory' type of investment,"

While Gemini’s Tyler Winklevoss informs Bill Gates that actually he can short bitcoin.

Let’s refresh our memories on a few critics, a few months ago JP Morgan chief, Mr. Jammie Dimon, has long been an ardent critic of bitcoin.

Well, he has also termed cryptocurrencies a “fraud” and a "novelty" and said they are "worth nothing. Thereafter, he backpedaled on his notion after seeing the phenomenal rallies of BTC. He regretted terming the cryptocurrency as a fraud in September last year. He reconsidered his stance on BTC by stating that he trusts blockchain as a technology behind BTC, is “genuine”.

Amid all such speculative commentaries, crypto-backed hedge funds are unveiled and a few are underway to accelerate investment pace this year despite the sharp drop in Bitcoin prices from 2018.

According to CFR’s analysis, there are now 366 cryptocurrency investment funds worldwide, with 61 launched so far this year. This puts the number on track to exceed 140, surpassing the record 130 launches unveiled last year. The researchers noted that digital currency-focused funds began springing up in 2017 as cryptocurrency prices soared. Surprisingly, the trend continues in 2018 despite the significant drop in crypto prices.

The BTCUSD has been oscillating between $7,800 and $7,040 levels from the

As shown in the diagram, one can buy 2w ATM delta call and 2w ATM delta put options with a view to arresting swings on either side. The strategy could be executed at net debit with an anticipation of rising in volatility.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 116 levels (bullish), while hourly USD spot index was at -98 (bearish) while articulating at 13:12 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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