Mike Arrington Claims Hedge Fund Holds More Bitcoin Than XRP
Mike Arrington, the founder of Arrington XRP Capital, who caught the attention of making by launching a hedge fund denominated in Ripple in November, has stated that the hedge fund has more bitcoin compared to XRP during a CNBC Cryptotrader interview at Korea Blockchain Week.
He also stated that bitcoin’s price will hit $25,000 this year. In November, Arrington launched his $100 million hedge fund, which will solely invest in cryptocurrencies and initial coin offerings (ICOS), and most likely in blockchain startups.
Arrington, who is also the developer of TechCrunch, described Ripple’s one of a kind ability to transfer money swiftly across borders.
“Ripple is a really, really good way to move money,” Arrington told Ran NeurNer, the Cryptotrader host. “We’ve denominated our fund in XRP because it’s a fantastic way to move money across the border quickly at almost zero cost.” He stated there is a lot of tribalism in cryptocurrency.
“The one thing they all agree on is they all hate XRP,” He also added that critics believe it is centralized and corporate facilitated.
According to Arrington, “none of that’s really true.” Where the decentralized currencies “find their way” to better efficiency, XRP is already fantastic.
“From a hedging point of view, it’s great to denominate ourselves in XRP,” he said.
He went on to state that “we’re vastly diversified”, going further to explain that the fund has more bitcoin compared to others, including the likes of Ether and other cryptocurrencies.
