TechCrunch Founder Michael Arrington Starting XRP Hedge Fund
Institutional money is coming to the crypto space like never before in 2018.
So thinks Michael Arrington, the founder of TechCrunch – a titanically popular tech-minded media site that’s been a star of the web in recent years.
That’s why Arrington’s starting up Arrington XRP Capital. This entity will be a new hedge fund Arrington’s personally spearing, which – as its name suggests – will be primarily focused on making investments in the Ripple (XRP) ecosystem.
Let’s bring you up to speed.
Arrington Makes His Move
Announced at Consensus: Invest in New York conference, the Arrington XRP Capital fund will be $100 million USD strong to start.
As you can imagine, the fund’s main holding will be XRP. But that’s not all – Arrington plans to diversify its portfolio into some ICOs, other cryptocurrencies, debt, and equities. A little bit of everything then.
And what’s really provocative is that Arrington’s calling this new fund the turning point in his already luminous career. He’s previously founded CrunchFund, a successful and efficient hedge fund, but now he’s self-admittedly going all-in on crypto … for good.
Michael Arrington - Image via Inc.com
In the last several months, I've gone from crypto enthusiast to 100 percent crypto. I've only been looking at crypto deals. This is what I think I'll be doing the rest of my career.
Arrington Is Bullish Because He Knows a Tech Revolution When He Sees One
Like many of us, Arrington’s got more than just a hunch that the crypto craze is only just beginning.
At press time, there’s around $300 billion USD in the entire cryptocurrency market. Arrington thinks that the explosion of developments in the space is going to push that number into the multi-trillions within only months:
I seriously think that we'll be in the trillions next year, and that we'll start to see institutional money. I think next year you'll see significant gains.
And with his new fund, Arrington’s aiming to take all the difficulty out of the crypto process for clients. "If they want to invest in [the] hedge fund, they have to convert to fiat, then the hedge fund will convert it into crypto for investments. With this, you can do a quick swap"
This ease-of-access in combination with Arrington’s credentials could make Arrington XRP Capital perform very well in the years ahead.
Arrington Sees XRP as Extremely Innovative
It’s no wonder why Arrington is basing his new hedge fund around Ripple.
He thinks it’s the perfect cryptocurrency to wed a traditional investment entity with, particularly because of XRP’s super-fast transactions:
We think XRP is a particularly useful currency because of the transaction times. I think it makes a lot of sense to denominate a hedge fund in a cryptocurrency, the only downside is [potential] volatility against fiat.
We’ll have to keep our eyes peeled to see how his fund performs in the years ahead.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.