cryptocurrencies can help them eke out returns. >> leslie, thank you very much for more let's bring in dan moreheado runs pentara capital which made a fortune off of bitcoin but the hedge fund saw the darker side of the trend as well. dan, welcome back to the show. so where do we stand right now a lot of people are point to institutional investors entering the space as the next big catalyst has that come? have there been enough solutions when it comes to custodial problems and the willingness of institutions to invest this way? >> i think there's an image that there's an on/off switch it's off now and they'll flick it and institutions will pile in we've had institutional investors since 2013 and it's a process. obviously risk and reward go together a couple of years ago there was a lot of risk but there was a lot of reward. we have yet to get to the point where we have an s.e.c. custodian, but institutions are buying the rumor and selling the fact getting invested now so that in three, four, five months when the institutional quality regulated custodians that we're hearing about come on line, they'

. >> plus a crypto hedge fund fighting back and dan morehead says there is one thing to save bitcoin

joining me right now is dan morehead.ve been among the first believers in block chain and bitcoin, your digital asset fund outperformed bitcoin in april. tell us about the fund. >> the fund is buying bitcoin and all the liquid currencies. there's about 60. it goes long and occasionally short based on their value. >> maria: how's it going? >> since december 1st bitcoin is down and the fund is up 45%. >> is that because some of the other components of index are up? or is it just your hedging strategy? >> it's not just bitcoin. when you buy them relatively cheap and sell them when they're up, you can make money. >> what companies should we be looking at or what currencies? >> you set up a huge portfolio, it's like the i.p.o. boom in the '90s, there's a lot of interesting things. you should own some cryptocurrencies themselves, like bitcoin, investing in a big basket of icos is probably smart and venture companies that are using block chain to help clients do something better, faster, cheaper. >> dagen: the front page story i