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The next big short: Hedge funds prepare to trade against bitcoin

Bitcoin has gained millions of per cent since it started trading in 2010. An investment of US$1 at the beginning would now be valued at more than US$1.4 million.

New York

A BITCOIN big short is building.

The planned introduction of bitcoin futures contracts at CME Group Inc, Cboe Global Markets Inc and Nasdaq Inc will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the...