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One of the biggest bulls in Bitcoin has doubled its belief that the future is bright for cryptoassets.
Mark Yusko, founder and chief investment officer at Morgan Creek Capital, announced that the firm in Chapel Hill, North Carolina, was seeking to raise up to $ 500 million to create a new hedge fund focused exclusively on cryptoassets and other investments.
“Morgan Creek believes that the blockchain is one of the most powerful and most valuable technologies developed in the digital age and believes that the disruptive power of the application of Blockchain technology will create a huge investment opportunity, “Yusko said, according to a Bloomberg report.
As the NCC reported, Yusko publicly announced that the Bitcoin price will reach $ 1 million over the next few decades. He added that he believes that there is a 75% chance that Bitcoin will reach at least $ 500,000 in the next 20 years.
To facilitate its new focus on cryptoassets, Morgan Creek acquired near Full Tilt Capital – located near Raleigh, NC – a venture capital firm that recently launched a fund entirely dedicated to cryptoassets.
Anthony Pompliano – a managing partner of Full Tilt – told Bloomberg that the new fund could try to split real estate, debt and other types of stocks and sell them to investors, although that these plans will undoubtedly meet several major regulatory obstacles.
If Morgan Creek manages to raise all of the $ 500 million, it will make up about 25% of the total assets under management of the company and will be the largest hedge fund cryptoasset of the market.
Previously, Mike Novogratz – a former director of the fortress – had planned to launch a $ 500 million cryptoasset fund, but he eventually abandoned those plans and raised $ 250 million to establish the first business bank. cryptoasset.
The timing of the pivot is remarkable, given that the Securities and Exchange Commission (SEC) has begun probing these funds as part of its broader investigation into the initial nascent industry’s supply of parts (ICO).
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