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Author Topic: Wall Street's Migration To Crypto Continues: Former Bain Manager Opens LatAm Bit  (Read 292 times)
Hydrogen
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July 06, 2017, 10:02:24 PM
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It appears a trend is taking shape. Following a former Goldman HFT trader's massive initial coin offering, another Wall Street-er has come to the dark side of virtual currencies. A former senior manager at consulting firm Bain & Company, is launching a Bitcoin fund, providing access to the cryptocurrency to some of the wealthiest families in Latin America.

Announced today, the newly formed Crypto Assets Fund, co-founded by former senior manager at Bain, Roberto Ponce Romay, is helping to raise $50m with the purpose of buying cryptocurrencies for family offices. Revealed exclusively to CoinDesk, Crypto Assets Fund (CAF) will invest directly in bitcoin, ether, zcash, ripple, litecoin and dash. As CoinDesk reports,

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The first tranche of the fund, estimated to be valued about $10m, is in the final stages of closing, and is expected to be announced by the end of this month.
 
In interview, Romay explained that the purpose of the fund was two-fold.
  • First, it was designed to give investors in some of Latin America’s more unstable economies a new way to hedge their investments, and...
  • Second, it was meant to provide the opportunity to safely learn about these new stores of value for possible future investments.
According to Romay, as the fund's investors are becoming increasingly familiar with the crypto-asset class, the CAF could eventually raise new funds that also include tokens sold as part of initial coin offerings, or ICOs.
[/list]

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"This fund is investor driven," said Romay, who is now the director of investment banking boutique, Invermaster. "It is a simple strategy to give access."
 
"The [investors] wanted to be exposed..."

Investment documents provided to CoinDesk further reveal details about how the British Virgin Islands fund intends to invest capital provided by its limited partners.



Based on previous growth trajectories of CAF’s crypto-assets, the fund lists a minimum target return of 26% per year for three years with an "expected" target return of 71%.

With volatility at record lows across so many asset-classes, is this the beginning of an exodus from Wall Street to Cyber street to take advantage of information-edges and noise?

http://www.zerohedge.com/news/2017-07-06/wall-streets-migration-crypto-continues-former-bain-manager-opens-latam-bitcoin-fund

Wow. Looks like a lot of people are getting into crypto. Big investment by whales could mean senate bill 1241 won't be passed?

What do people think on this?

The article also mentions:  "Following a former Goldman HFT trader's massive initial coin offering".

Not certain what that's about, I think I missed that article.

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July 07, 2017, 04:01:37 AM
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Not sure, but certainly it seems like that they think bitcoin is an unstoppable force and they want to get into the market before it is too late. Though the products they're offering with this are still centralized investment funds, it seems.

It's by no means surprising though. They were quite late on the ICO action as well, there are probably a good 500 ICOs before they decided to join in. Mark Cuban called bitcoin a bubble and then proceeded to invest in an ICO himself, and i would assume that this is the growing trend. https://cointelegraph.com/news/mark-cuban-invests-in-ico-after-previously-calling-bitcoin-bubble

The senate bill won't get passed either way. It targets gift cards which is a major source of income for big businesses as well. No way their CEOs will allow this to happens.
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July 07, 2017, 05:41:11 AM
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Its finally happening that the same set of people that initially thought the ones in bitcoin early would soon wake up from their dreams are actually the ones coming to join. It points into one direction which is nothing but the fact that bitcoin is here to stay any on the side line should either fall in or be lost in the growth and development process of the next thing to change the way financial system works all around the world.
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July 07, 2017, 08:28:07 AM
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Instead of focusing on altcoins and funding new projects, perhaps they should look at the existing alternatives? Hint: Bitcoin anyone? I mean yeah they have listed bitcoin in there but it seems like they're more interested in the prospect of being able to invest in copycat shitcoins.

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    First, it was designed to give investors in some of Latin America’s more unstable economies a new way to hedge their investments, and...
    Second, it was meant to provide the opportunity to safely learn about these new stores of value for possible future investments.

If they really care so much about the people in Latin America why don't they promote cryptos there and let them own their own coin instead of having to trust wall street investors to hold it for them? The whole point of crypto is to have a trustless way of holding your wealth without banks/other external entities Tongue

I can't complain that much though. Any move to cryptocurrencies is a good one, and wall street means serious business.

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July 07, 2017, 07:20:52 PM
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Instead of focusing on altcoins and funding new projects, perhaps they should look at the existing alternatives? Hint: Bitcoin anyone? I mean yeah they have listed bitcoin in there but it seems like they're more interested in the prospect of being able to invest in copycat shitcoins.

Copycat shitcoins are the same thing as subprime mortgage derivatives if you think about it. Selling worthless, overpriced, toxic assets (shitcoins) is how many finance firms make money. Their profits aren't a result of building real value or worth over the long term. Instead its moreso based on ripping people off, cheating the system, over the short term?

There are many examples and historical facts which could support this.


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July 07, 2017, 09:49:56 PM
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Instead of focusing on altcoins and funding new projects, perhaps they should look at the existing alternatives? Hint: Bitcoin anyone? I mean yeah they have listed bitcoin in there but it seems like they're more interested in the prospect of being able to invest in copycat shitcoins.

Copycat shitcoins are the same thing as subprime mortgage derivatives if you think about it. Selling worthless, overpriced, toxic assets (shitcoins) is how many finance firms make money. Their profits aren't a result of building real value or worth over the long term. Instead its moreso based on ripping people off, cheating the system, over the short term?

There are many examples and historical facts which could support this.




Yeah, Hydrogen, I think the same.  Normally I recommend diversification, but in the crypto space I am not so sure...  BTC is well accepted by merchants (relative to the other cryptos) and has a decent track record.  I only own Bitcoin, no Alts.

If Latin Americans want exposure to cryptos, and are not programmers or other experts, it is probably best to stick to Bitcoin.
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