He is making multi-year, illiquid, unhedgeable speculative investments in brand-new crypto protocols because he thinks “the market’s going up” and because he hopes that those protocols can hire people and build value. This is a venture capital investment. And he describes it as an arbitrage . the zealots of a thing view investment as an arbitrage, when really it is a venture capital gamble.
Fwd: Money Stuff: Crypto Had a Credit Bubble
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