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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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