‘Bad things could happen’: Turning to tech to tame the crypto jungle

By Andrea Leccese

July 3rd, 2021

“One sec. $10270.”

Two minutes later: “Sorry guys, that was an old order from Friday when skype wasn’t working.”

“I really think we should get off skype. Bad things could happen. Someone is going to make an expensive mistake.”

*****

A messaging exchange over a potential $1 million deal, between a European asset manager looking to sell bitcoin and broker Joel Fruhman, illustrates the casual and often chaotic nature of cryptocurrency dealmaking.

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Andrea Leccese

Andrea is President and Portfolio Manager at Bluesky Capital. Prior to founding Bluesky Capital, Andrea worked as a Quant at Sauma Capital, a quantitative hedge fund in New York, and as a management consultant at Ernst & Young. Andrea holds an M.S. in Financial Engineering from Columbia University, and an M.S. in Industrial Engineering from the University of Rome "La Sapienza".

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This article is intended for academic and educational purposes and is not an investment recommendation. The information that we provide or that is derived from our website should not be a substitute for advice from an investment professional. The hypothetical models discussed in this paper do not reflect the investment performance of any actual product or strategy in existence during the periods tested and there is no guarantee that if such product or strategy existed it would have displayed similar performance characteristics. A decision to invest in any product or strategy should not be based on the information or conclusions contained herein. This is neither an offer to sell nor a solicitation for an offer to buy interests in securities.

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