A top hedge fund manager is reported to have given Bitcoin an endorsement of sorts, reports the Financial Times. Michael Novogratz, macro fund co-chief at Fortress Investment Group said Bitcoin could be an effective way to transmit money to countries with less-than-impressive banking systems. Not only that, but Novogratz, along with colleagues at Fortress have taken “personal positions” in the cryptocurrency.

The Financial Times report indicates that Fortress themselves have taken a look at Bitcoin, but subsequently decided it’s “too speculative” for their funds.

It’s big news for the Bitcoin community, which often struggles to get a serious look from huge financial institutions not only in the United States, but around the world.

Read the entire report here.

[via Reddit]