Bitcoin exchange-traded funds (ETFs) have dominated the crypto discussions in recent days with the US Security and Exchange Commission (SEC) considering the approval of bitcoin ETF by the blockchain platform SolidX and VanEck, a New York-based investment management company. The imminent decision could have huge repercussions and the crypto sphere is hopeful that, if approved, it could reignite the surge of BTC and other virtual currencies that have already been on the rise lately.
Speaking at the Korea Blockchain Week, Mike Arrington, has echoed the sentiment and claimed that bitcoin ETFs would be a total game changer as it would further legitimize the nascent industry and hopefully result in the influx of institutional money. Mr. Arrington confessed that “My entire life has been in cryptocurrency, we’re on bullish on it. But I’m always an optimist, right? I think we’re still gonna hit $25,000 this year easy and I sure hope we’re at a low right now.”
The investor has launched Arrington XRP Capital back in November, which is a hedge fund, denominated in Ripple. The launch was met with doubts back then, however, Arrington revealed the fund holds more BTC than XRP and went on to discuss his motives for choosing XRP.
He told the interviewer Ran Neu-Ner that, “Ripple, or in this case XRP, the actual currency is a really, really good way to move money. We denominate our fund in XRP because it is a fantastic way to move money across borders quickly and at almost zero cost. So, there is a lot of tribalism in cryptocurrency and a lot of Bitcoin maximalists… The one thing they all agree on is that all of them hate XRP because it is centralized, they think it is corporate-managed.”
Arrington went on to further support his argument by saying that while other digital assets are trying to achieve better efficiency, XRP is already there. However, he acknowledged there are risks associated with XRP, although Accrington assured that his fund is “vastly diversified”, with only 3-4 percent of it (amounting to a few million USD) being held in XRP, with bitcoin making up the largest portion of the fund’s portfolio.
The Arrington fund has invested in numerous cryptocurrencies, ICOs and blockchain startups and the entrepreneur singled out one of them – an American decentralized app (Dapps) platform Mainframe. He claimed that “It’s a fantastic company, they’re actually helping to spread freedom. And like in a real way not just like in a clichéd way. Real excited about them, they’re making a lot of money, and that’s really good.”
The fund has reportedly invested in a number of other Dapps, exchanges and has set its sights on Korea, which is appreciated by the fund for its innovative entrepreneurial activities.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.