Morgan Creek is in the spotlight of our crypto news today for placing a $1 million dollar wager on investors that don’t believe that the crypto market will do better than the stock market in 2019.
Morgan Creek runs an index fund named Digital Asset Index Fund together with Bitwise Asset Management and the funds offer investors a great exposure to the best cryptocurrencies by market value.
This crypto investment company looks a lot like when Warren Buffet decided back in 2007 to bet $1 million that the stock market will do better than hedge funds against the Protégé Partners asset manager. Buffet did win the bet before he donated all of the money to charities. The exact same thing is what Morgan Creek is doing right now where they are challenging investors who believe that the stock market would produce better returns that MC’ crypto investments in 10 years time.
Anthony Pompliano who is a partner and Co-founder at Morgan Creek believes that those who are on the other side of the bet are people that are bullish on the index fund or people who think that cryptocurrencies are overvalued.
“This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities. A lot of people might look at this and just think we’re bullish on crypto — but you need to look at what asset we’re going up against. Public equities aren’t exactly at their all-time highs either’’.
In November, Pompliano told CNBC that he believes Bitcoin’s price will level out before it starts surging to a new all-time high. He believes that the crash that happened in November is actually a correction rally.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
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“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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