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Mike Arrington’s Hedge Fund Likes Bitcoin (BTC) More than Ripple (XRP)

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Ripple

A Ripple-denominated hedge fund called Arrington XRP Capital, which was founded by Mike Arrington himself seems to be actually holding more Bitcoin (BTC) than Ripple (XRP). Additionally, Mike Arrington also commented on the recent bull run that BTC has started, stating that he sees its price reaching $25,000 before the year ends.

Mike Arrington, the creator of the well-known Arrington XRP Capital hedge fund has made a lot of people question his November decision to make a hedge fund denominated in XRP. The $100M hedge fund was to invest mostly in cryptos and ICOs, with blockchain startups also being a possibility.

Now, more than half a year later, it would seem that the hedge fund actually has more BTC tokens than XRP, at least according to the recent Korea Blockchain Week interview.

Why go for Ripple (XRP)?

Arrington’s support for Ripple is no secret at this point, and he has pointed out on several occasions that quick cross-border transactions are where XRP shines the most. He is apparently pretty impressed with Ripple, and has called it a ‘really, really good way to move money’. This is the reason why he chose it for the fund since Ripple is not only fast but cheap as well.

Additionally, he noticed that the crypto world is filled with tribalism and that pretty much everyone hates XRP due to the controversies regarding its centralization, as well as nature. However, Arrington continues to claim that none of that is actually true and that decentralized cryptos have to struggle to become efficient, while Ripple is already there.

According to him, Ripple is the perfect choice for the hedge fund. Not only that, but he said that the biggest concern of the fund is its underlying assets, due to their diversity. Right now, the fund only holds a few million dollars worth of Ripple, which is around 3%-4% of the fund’s total amount.

The fund turns to Bitcoin

Arrington stated that the fund is extremely diversified, but has still admitted that the majority of the fund is comprised out of BTC. Still, there is a lot of other cryptocurrencies, like Ethereum, as well.

Another fund investment that came relatively recently included a US-based company called Mainframe. According to Arrington, Mainframe has made a lot of money for the fund, and he even stated that a significant number of investments came from Korean companies.

This is an important development, especially considering how Korean companies do not really like working with outsiders. In addition to crypto investments, the fund also invested in dApps and exchanges.

Finally, Arrington gave his own BTC price prediction for the end of the year. Bitcoin has recently turned bullish after more than half a year of constantly dropping. Currently, it’s price is at $8,247.22, but Arrington believes that it will continue to go up, and even reach $25k by the end of the year.

The potential approval of Bitcoin ETF is one of the reasons why many others believe that BTC will hit the price Arrington predicted. For now, the BTC ETF is expected to come in September of this year, but the decision currently lies with the SEC alone.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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