The virtual currency bitcoin continues surging to new highs as a frenzy of investors get in on the action. WSJ's Paul Vigna explains what you need to know, and how to invest should you want to join the mania. HONG KONG—Steve Eisman, the money manager who earned celebrity status for correctly betting against subprime mortgages a decade ago, isn’t such a fan of the investing craze around cryptocurrencies. Digital currencies like bitcoin have increased in popularity for only two reasons: speculation and money laundering, he said on stage at the CFA Institute’s annual conference here on Monday. Mr. Eisman, a managing director at Neuberger Berman, also questioned the reasoning behind why such currencies even exist.

Source: Wall Street Journal May 14, 2018 09:56 UTC