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The Tell: Stock-market investor who sank Valeant thinks a bitcoin fund is the ‘most dangerous’

Famed investor Andrew Left, who makes his money betting that the shares of companies are overvalued and due for a fall, has a fresh target in his sights: a bitcoin fund.

Left makes the case that Bitcoin Investment Trust GBTC, -17.21% , an investment fund run by Grayscale Investments and designed to track the stratospheric ascent of the world’s most popular digital currency, bitcoin BTCUSD, +1.28% is exorbitantly overvalued relative to its underlying asset and poised to tumble.

Bitcoin Investment Trust holds 174,174 bitcoins, which equates to a total value of about $830 million for the investment vehicle, based on bitcoin’s most recent level late Thursday in New York at $4,775.04, according to digital-currency news and research site Coindesk.com.

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