Arrington XRP Capital partner states that 50% of his net worth is in cryptocurrency

Michael Arrington, Partner at Arrington XRP Capital, recently appeared in an interview with Beyond Blocks at the Seoul Summit 2018, wherein in he spoke about the cryptocurrency market. While speaking about the technology, he also mentioned the advantages of XRP and why he chose XRP for his hedge fund project.

Speaking about the current state of the cryptocurrency market, Arrington stated that there will be “ups and downs.” He went on to say that he had a good idea where the market was going in 10 years, and he wanted to be in the middle of that. According to Arrington, the current market status presented itself as a buying opportunity. It was not the time to “panic,” he added. He went on to say:

“I’m old enough to have gone through some pretty major market crashes and I’ve seen that that is the time to buy.”

Michael revealed that he had been putting money in the industry. He stated that in December last year, around 20% of his net worth was in cryptocurrencies. He also stated that he had been investing a lot of money into cryptocurrency this year, and at present, 50% of his net worth was in cryptocurrency.

He also spoke about the need for cryptocurrencies. In Arrington’s opinion, millennials knew nothing about it. He went on to say that cryptocurrencies were good for people living in places like Venezuela and Argentina. As these countries that did not enjoy having a stable currency, like the United States, Arrington stated it was almost a matter of life and death in certain cases.

He moved on further to discuss his views on Venture Capitalists [VCs]. Arrington said that it was sometimes difficult to raise money through venture capitalists. According to him, there were few “gate-keepers” who were always looking for a reason to say no. He said it became increasingly difficult for a woman or a minority in the U.S to raise funds through them. However, he stated that such a trend was beginning to change.

Arrington said that the crypto-industry was a complete “reboot” of this system and provided a freedom where anybody in the world can raise money without approaching anyone in the Silicon Valley.

On being asked his view on Venture Capitalists entering the cryptocurrency space, he stated that VCs conducted mass public sales that brought lots of small buyers for the coins, which was good for the ecosystem. On the contrary,  he stated it started getting difficult for funds to get allocation due to the regulators shutting down such activities largely.

Arrington went on to say:

“So that means that people raising money, have to go to people like us that are considered accredited or right investors in the US, I am a qualified investor which is an even higher bar because there’s less liability from taking our money and so it’s been great for us, but I think it’s terrible for the industry.”

In his opinion, the regulators were trying to be paternalistic and protect people from the risks involved. Furthermore, he stated that there was no need for doing so. He argued that it was “good-natured evilness.” He concluded by stating that when the ETF’s came into place anybody who knew how to buy a stock on any normal exchange can invest in cryptocurrencies.

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