Meet Two of World’s Biggest Holders of Cryptocurrency

A significant portion of the entire cryptocurrency reserve in the world is concentrated in a unique place: ex-Deutsche Bank traders and the co-founders of Three Arrows Capital Su Zhu and Kyle Davies are among the biggest holders. The duo downplays the effect that Elon Musk’s recent Twitter episode will carry into the future for cryptocurrency markets.

Early Cryptocurrency Proponents and Holders

Classmates at Columbia University, New York, Zhu and Davies worked in the derivatives team at Deutsche Bank before making the decision to incorporate Three Arrows Capital in 2012. The duo started Three Arrows Capital as a registered Fund Management Company based out of Singapore. With exponential growth in operations, the firm began trading exclusively in cryptocurrencies from 2018.

Together, Zhu and Davies possess a sizable portion of the cumulative cryptocurrency trade, with its statutory filings disclosing a 5.6% stake in Grayscale Bitcoin Trust (GBTC) which was handling a total AUM (Assets Under Management) of close to $50 billion as of last month. They have been one of the earliest proponents of cryptocurrencies and their potential in terms of market capitalization. Dan Morehead from Pantera Capital and Mike Novogratz from Galaxy Digital being other earliest believers of the value of digital assets.

Recently, another proponent of cryptocurrencies was in the news for quitting his job. Aziz McMahon, manager at emerging markets at the London office, Goldman Sachs, resigned after having made a fortune worth over $10 million dollars by investing in cryptocurrencies. Ethereum (Ether) being one of them, which according to Davies is the company’s largest cryptocurrency holding.

Volatility in Crypto Markets No Reason to Be Spooked

According to Davies, the dip in the cryptocurrency market is nothing to be too scared of for cryptocurrency investors. “Bitcoin is down 30% off the highs, it’s really not down very much. I don’t see anyone really being that spooked,” said the 34-year old co-founder.

The CEO of Tesla Inc recently caused a rather sensational upheaval in the worldwide cryptocurrency market with his tweets to the effect that Tesla, Inc. would stop accepting Bitcoin (BTC) as a mode of payment for purchasing its vehicles over concerns regarding BTC mining having an adverse impact on the environment. The recent dip in the crypto market, however, has made many new investors entering the market jittery or nervous in investing in cryptocurrency

Coins with Less Environmental Impact

Davies also places support on cryptocurrencies slowly moving towards a Proof-of-Stake (PoS) network which employs negligible amounts of electricity. The PoS network provides users an easier method to verify transactions compared to the Proof-of-Work (PoW) network which entails significant consumption of electricity in order to access coins, such as Cardano (ADA).

Altcoin News, Bitcoin News, Cryptocurrency news, News, Personal Finance

Source: http://feedproxy.google.com/~r/coinspeaker/~3/vtdJA0NGNHA/