High-Speed Traders Are Taking Over Bitcoin

High-Speed Traders Are Taking Over Bitcoin

One of the few traders willing to talk about their returns is Chen Zhenguo, who founded China’s largest platform for facilitating automated bitcoin strategies. Chen says he’s generated annualized gains of 50 percent for his own account, though he declined a Bloomberg News request to provide transaction details verifying his claims, saying they’re private.

“Bitcoin has a natural advantage when it comes to automated trading,” said Chen, 30, whose Beijing-based BotVS allows clients to run live trials of their bitcoin algorithms on 23 exchanges. The cryptocurrency gained 6.9 percent to $890.77 at 10:18 a.m. in London.

(via Bloomberg)

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