A new statement from Mike Arrington during Korea Blockchain Week claims that his Ripple-oriented hedge fund actually holds more Bitcoin than XRP.
Arrington XRP Capital’s founder, Mike Arrington, made an interesting decision back in November of the last year, launching a new hedge fund that was mostly Ripple-oriented. While the fund consists of many cryptocurrencies, it was denominated in Ripple, which raised a few eyebrows at the time.
Now, however, Arrington claims that the fund holds more Bitcoin tokens than XRP coins. He also gave his price prediction for Bitcoin, that he expects BTC to hit $25,000 per unit by the end of the year. As for the hedge fund itself, its goal is to invest mostly in ICOs, cryptos, and perhaps a few new blockchain firms.
Why choose Ripple (XRP)?
Arrington’s decision to launch a Ripple denominated hedge fund was questionable back in the day but he defended it by saying that Ripple is an excellent way to move money. According to him, Ripple’s ability to move money quickly at nearly no cost at all is a fantastic way to make cross-border payments.
He continued to notice that the crypto world is full of tribalism and that coins are usually taking every opportunity they can get to undermine their competition. However, if there is one thing that all of these coins agree on, it is a collective aversion to Ripple. This comes from other coins, as well as from critics who believe that XRP is corporate managed and centralized, which is not what cryptos are supposed to be.
However, Arrington claims that this is simply not true. According to him, Ripple has already achieved what many decentralized cryptos can only dream of. While the majority of them are still struggling to find their way, Ripple has become a fantastic coin, which is why he chose XRP for the hedge fund.
He added that the biggest concern regarding the fund is the underlying of various assets, which are very diversified. According to new stats, there is only around 3%-4% of XRP tokens in the fund.
Bitcoin (BTC) dominating the fund
Arrington continues to claim that the fund is diversified. That being said, he did admit that, of all the currencies that the fund consists of, Bitcoin is the dominating one. This doesn’t mean that there are no other cryptos, he said that Ethereum (ETH) also holds a significant percentage within the fund.
One of the fund’s recent investments, into Mainframe, has made a lot of money for the fund, Arrington claims. Additionally, he stated that a large number of investments was made into companies from Korea. This is a significant development, considering that Korean companies are usually not that open to outsiders. The fund also made several investments in dApps, as well as multiple exchanges.
Moving on to his Bitcoin price prediction, Arrington says that he tries to always have a more optimistic view on the issue. He predicts Bitcoin’s price might surpass its former records, and hit $25,000 per coin by the end of the year. This opinion is shared by NeurNer, in expectations of BTC ETF approval.