With the rise of cryptocurrencies across the nation it may seem that headlines are populated by the name of the asset classes most popular asset bitcoin. Earlier this decade in 2013 several executives from banks across the nation including Wells Fargo met with one of the nation’s most significant hedge funds. This hedge fund is known as Fortress Investment Group. This meeting was made in order to talk about creating the nation’s first regulated bitcoin exchange.At this meeting, Fortress Investment Group had brought along several members of its team including Peter Bridger who is the current principal of fortress and a co-chairman of the Board of Directors for the Corporation. At this meeting, Peter Bridger explained to the team what was so interesting about the technology behind the cryptocurrency.
It has been described as both a form of digital gold and a new currency that will allow people to transfer value between individuals with no intermediaries instantaneously.Peter Bridger believes that the banking industry should keep an eye on bitcoin as it has the potential to disrupt significant portions of the financial sector. At this meeting, Peter Bridger believed that it was important for the banking industry and hedge funds to come together in order to create an American-based regulated bitcoin exchange. While details of this meeting were never made available to the public the conversation between Wells Fargo and Fortress Investment Group has opened a window to the process and development of cryptocurrency technology in the institutional investment world.Peter Bridger originally became interested in bitcoin during the beginning of 2013.
During a skiing trip, Peter Bridger came into contact with an Argentinian businessman who had already successfully started and sold a number of companies. This Argentinian businessman explained to Peter Bridger the concepts behind bitcoin. He explained to Pete that it was a new network that allowed the transfer of value between people anywhere in the world instantaneously. Since this point in time, Peter Bridger has become a greater and greater advocate of cryptocurrency technology. This year the coin has shot up to increase in value by almost 20 times. While the meeting over five years ago was only the beginning of talks for regular institutional investors to get in the cryptocurrency world it’s was ended inconclusively. Today Peter Bridger continues to operate as a principal member of Fortress Investment Group and oversees the Corporation’s credit division.