Bitcoin Bull Holds Firm

As value of virtual currency plummets on news of Mt. Gox bankruptcy, Micky Malta proclaims digital money is here to stay.

Having grown up in Latin America, Micky Malka is no stranger to financial turmoil.

Coping with currency swings proved apt training for Malka, an entrepreneur-cum-venture capitalist—and one of bitcoin’s biggest bulls.

“It’s not going to be a smooth or overnight success,” he said. “Financial services is the biggest industry which has not been disrupted by technology.”

Wilson, a managing partner at Union Square Ventures, and Margit Wennmachers, a partner at Andreessen Horowitz, said their firms remain bullish on bitcoin.

Fortress Investment Group LLC, a New York-based private-equity and hedge-fund manager, said it bought $20 million worth of bitcoin last year and recorded a paper loss of $3.7 million on the investment, according to a filing today.

When venture investor Jeremy Liew was considering whether to back bitcoin startups, he said he turned to Malka, who has spoken on the virtual currency at five conferences in the past year.

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