A bitcoin sign is seen during Riga Comm 2017, a business technology and innovation fair in Riga, Latvia November 9, 2017. REUTERS/Ints Kalnins
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Bitcoin may have surged a staggering 700 percent since the start of the year but most investors at a Reuters Summit this week said they had not been tempted to play the volatile cryptocurrency. The difficulty of assigning a fair value to a speculative instrument that is less than a decade old and lacks the fundamentals that drive other asset classes was the main reason for steering clear of bitcoin, investors speaking at the Reuters Global Investment 2018 Outlook Summit said.While scores of digital currency hedge funds have been launched this year, institutional investors worry that bitcoin is too lightly regulated, too volatile and too illiquid to risk investing other people's money in."I don't think about bitcoin; it's just not even on my mind," Fink told the Reuters Summit, though he allowed that while it's a tiny product, "it's fun to watch".Still, many investors at the summit said while they were shunning bitcoin and the hundreds of other cryptocurrencies launched in recent years, they were interested in investing in the technology known as blockchain that underpins them.
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