With bitcoin hovering at around only $9,000 and the entire cryptocurrency market at similar low levels, short term speculators are acting as if a great calamity is upon us. Long term investors on the other hand are just entering the ecosystem now and building up a portfolio of assets that offer growth opportunities uncorrelated to stocks and commodities.
Quarter Billion Crypto Hedge Fund
Multicoin Capital, a Texas-based crypto investment fund with a multi-year time horizon, now expects to close its $250 million flagship fund by the end of Q2 2018, up from just $100 million target when it was launched in October 2017. The higher goal is supported by the addition of new investors including: David Sacks and Bill Lee (Craft Ventures), Marc Andreessen, Chris Dixon, Compound, Vy Capital, Passport Capital, Adam Zeplain (mark VC), Ari Paul (Blocktower), and Elad Gil (Color Genomics, Twitter).
“We’re very fortunate to have some of the most well-known investors in New York City and Silicon Valley investing with us. The past six months have been absolutely incredible. Since launch, there’s been a torrent of interest in Multicoin Capital, validating the overwhelming need for professional fund managers that understand the market intimately,” said Kyle Samani, co-founder and Managing Partner, Multicoin Capital…