Blockchain Progress News & Updates

Virginia Police invests in $40 Million Crypto Fund!

Frequent #Bitcoin commentator and t-shirt salesman Anthony Pompliano told Bloomberg this #morning that two Fairfax County, #Virginia pension funds have gone in on #Morgan Creek Digital’s new fund for cryptocurrency#companies. The funds represent $1.2 billion in assets for the #pensions of police and other public workers in the #county.

$25 MILLION FUND OVERSUBSCRIBED TO $40 MILLION

The $40 million #fund originally only sought $25 million. A small portion of its #investment will be in liquid blue chip cryptos like #Bitcoin and Ethereum. Investment in cryptocurrency companies will be the #majority of the fund’s work, however. #Coinbase and Bakkt have already been named as targets for #investment.

Public pension #funds affect almost 20 million Americans. Nearly 4,000 exist. If the experiment in #Fairfax County goes #well, and police have an even more comfortable retirement as a result, will others #follow suit?

Alastair Marsh@AlastairJMarsh

Is the herd now coming? https://www.bloomberg.com/news/articles/2019-02-12/first-u-s-pension-funds-take-the-plunge-on-crypto-investing  @business @crypto @APompliano

First U.S. Pension Funds Take the Plunge on Crypto Investing

Morgan Creek Digital has scored what it says is probably the first investment in the crypto asset universe from a U.S. pension fund.

bloomberg.com

Bloomberg reports that “an #insurance company, a university endowment and a private #foundation” is also throwing in with the #fund. It has already bought equity in Bakkt, the #Starbucks/NYSE crypto exchange which will likely launch #America’s first Bitcoin ETF (eventually).

Everything will be tokenized in the #future, Morgan #Creek convinced asset managers. Whatever the #crypto markets have been doing, #blockchain as an industry has been attracting many of the brightest #minds in Silicon #Valley for years. #Fairfax County’s police fund chief investment officer Katherine #Molnar told Forbes:

“Blockchain technology is being applied in #unique and compelling ways across #multiple industries. We feel it is important to be #opportunistic and are excited to participate in this emerging #opportunity.”

Meanwhile, #Pompliano told Bloomberg:

“The smart money is not distracted by #price but looks at the long-term trends, and believes they’re betting on #innovation as a great way to deliver risk-mitigated returns.”

COINBASE AND BAKKT: FIRST CHOICES FOR MORGAN CREEK

To safely manage the #money, Morgan Creek needs to focus on #companies not directly attached to the value of Bitcoin. #Companies focused on the innovation of the #blockchain itself, exchanges that profit whether the #price is up or down, and companies looking to use the #technology for public interest projects. In addition to #Bakkt, the fund is making a play in #Coinbase, the king of retail crypto sales.

The outspoken #Bitcoin bull Pompliano might just invest the money in #Bitcoin at these discount prices if it were up to him, however. He spends a great deal of time on #Twitter telling people to stop waiting around.

Pomp 🌪

@APompliano

Buy Bitcoin.

zerohedge@zerohedge

And now the NY Fed is #warning the dollar will lose its reserve status:

“Nevertheless, recent trends #bear watching as history suggests that a currency’s dominant #status is not immutable”

Pompliano recently made #headlines when his podcast “Off the Chain” was banned by #Apple without warning. Morgan #Creek Digital’s $1 million bet against the stock #market as of yet has no takers, indicating that while some #people speak strongly against cryptos, most #people aren’t sure enough to put their money where their mouth is.

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