Former White House Chief of Staff under President Donald Trump, Mick Mulvaney, now heads a hedge fund. Since 2014, Mulvaney has been recognized as a pro-Bitcoin (BTC) official, promoting the practical regulation of cryptomoney.
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The new fund, Exegis Capital, was announced during a podcast with S&P Global Market Intelligence. Mulvaney would work with former Sterling Capital Management portfolio manager Andrew Wessel.
Could Mulvaney’s pro-Bitcoin stance have any effect?
At the 2014 Bitcoin Demo Day conference, Mulvaney said he would like the government to take its time in regulating Bitcoin.
He said that the leading kryptonie has the potential to become a means of commerce and a method of payment. Mulvaney said at the time:
„My interest in it is to try to make sure that the government does not act too soon in a way that would curb the potential of Bitcoin. Because I see the potential of Bitcoin as a trading medium and as a transaction tool, and I wouldn’t like to see the government make rash decisions that would slow down its growth.
Since then, he has constantly encouraged the government to efficiently regulate the cryptcoin market. When Mulvaney was initially appointed as White House chief of staff, the sentiment among crypt industry executives was generally positive.
It remains to be seen whether Mulvaney’s enthusiastic stance toward Bitcoin will lead to his involvement in the cryptomoney market.
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In the last weeks, the Bitcoin market experienced an increase in the affluence of institutions. More recently, Fidelity Investments submitted an application to the U.S. Securities and Exchange Commission to operate a Bitcoin pool.
As reported by Cointelegraph on Aug. 26, Fidelity Investments chairman Peter Jubber filed Form D for a Bitcoin product with a minimum investment of $100,000.
Previously, Fidelity said in a document titled „Thesis on investing in Bitcoin: an aspirational value store“ that Bitcoin has the properties of a value store. The document says:
„Many investors consider Bitcoin to be an aspirational store of value, since it has the properties of a store of value, but it hasn’t yet been widely accepted as such.
History shows that it could take 3 to 12 months for the price of Bitcoin to exceed $20,000
The growing institutional activity in the Bitcoin market naturally generates speculation about whether more hedge funds will enter the world of cryptosystems.
It’s unlikely that the fund will enter the crypt-currencies in the short term
In the short term, Mulvaney is unlikely to actively consider Cryptosoft and other crypts because of their links to the public administration.
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Although Mulvaney is no longer the White House chief of staff, he remains a special emissary. Given the Trump administration’s negative stance toward Bitcoin, the likelihood that Exegis Capital will seek exposure to cryptomonies remains very low, at least in the near future.