With the price of Bitcoin [BTC] on the rise and the collective coin market on an upswing, cryptocurrency funds have veered away from increased investment and have primed their focus on the market, claimed Michael Arrington. Arrington is the Founder of Arrington XRP Capital and the Silicon Valley news outlet, Tech Crunch.
Speaking to Ran NeuNer on the latest episode of CNBC’s Crypto Trader, Arrington said that the mood was considerably bullish. As the collective market added nearly $40 billion in less than a week, virtual currency-centric funds have seen a wave of optimism, he added.
“I just know that if we put money into the market, and hold long enough and make good bets, eventually, hopefully we’ll make money.”
Arrington added that there was a drop in the number of deals being presented at conferences like Deconomy. Hence, funds are moving away from establishing ties and instead, are looking to trade on the market. He added that similar forums held in 2018 saw considerably higher deals being penned, despite the digital currency market beginning to bleed.
However, Arrington remains optimistic about current prospects,
“I think the deals will pick up again, entrepreneurs will start to build companies, because they know they can raise money and we’ll start to see really good deal flow coming in.”
Given this is the year of “building,” Arrington was asked if projects were ready for implementation or if they were still developing. He responded by stating that mainnets were on the rise. However, only a few were ready for action this year while others required a few more years to be deployed, he added.
He heralded this year as,
“This is definitely the season of the mainnet.”
Arrington highlighted two companies that his fund is not only backing, but have expressed a great deal of interest in. The first is Terra, a South Korean-based stablecoin company, which is one of Arrington XRP Capital’s largest investments. He also mentioned interest in Israel-based SpaceMesh.
He added that deals with non-US based companies were far better as US crypto-investment are highly regulated by the Securities and Exchange Commission. He referred to the country’s financial watchdog as a “total disaster.”
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