Former White House Chief of Staff under President Donald Trump, Mick Mulvaney, now runs a hedge fund. Since 2014, Mulvaney has been recognized as a Pro-Bitcoin Official (BTC) promoting the practical regulation of cryptocurrencies.
The new fund is called: Exegis Capital, This was announced during a podcast with SP Global Market Intelligence. Mulvaney would work with the former portfolio manager of Sterling Capital Management, Andrew Wessel.
Could Mulvaney’s pro-Bitcoin stance have an impact?
In the conference “Bitcoin Demo Day” since 2014 Mulvaney said he would like the government to take time to regulate Bitcoin.
Said The leading cryptocurrency has the potential to become a trading medium and payment method. Mulvaney said on this occasion:
“My interest in this is to make sure that the government does not act too soon to contain the potential of Bitcoin. Because I see the potential of Bitcoin as a trading vehicle and as a transaction tool and I do not want to see the government make hasty decisions that it does Delay growth. “
Since then, he has consistently encouraged the government to efficiently regulate the cryptocurrency market. When Mulvaney was originally appointed Chief of Staff of the White House, the mood among executives in the crypto industry it was generally positive.
It remains to be seen whether Mulvaney is enthusiastic about Bitcoin will get the fund to get involved in the cryptocurrency market.
In recent weeks The influx of institutions increased in the Bitcoin market. Most recently, Fidelity Investments filed an application with the US Securities and Exchange Commission to operate a Bitcoin pool.
As Cointelegraph reported on August 26th, the chairman of Fidelity Investments Peter Jubber filed Form D for a Bitcoin product with a minimum investment of $ 100,000.
Before, Fidelity said in an article titled “Bitcoin Investment Thesis: An Aspirational Store of Value” that Bitcoin has the properties of a store of value. The document says:
“Bitcoin is seen by many investors as an up-and-coming store of value because it has the properties of a store of value, but has not yet been generally accepted as such.”
The growing institutional activity in the Bitcoin market, of course There is speculation as to whether more hedge funds would get into the cryptocurrency world.
The fund is unlikely to enter cryptocurrencies in the short term
Short term, Mulvaney is unlikely to actively consider Bitcoin and other cryptos because of their ties to public administration.
Although Mulvaney is no longer the White House Chief of Staff, He’s still a special envoy. Given the Trump administration’s negative stance on Bitcoin, the likelihood that Exegis Capital will seek exposure to cryptocurrencies remains very slim, at least for the near future.