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Big money stays away from booming bitcoin

LONDON: Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering clear of the nascent market, taking the view that it is too lightly regulated, too volatile and too illiquid to risk investing other people’s money in. Bitcoin, the biggest and most well-known cryptocurrency, has outperformed all the world’s traditional…