Welcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Hannah Miller explores the downside of crypto’s cliquish upper echelon:
Club crypto
Even though crypto enthusiasts have adopted “we’re all gonna make it” as a war cry, there’s still an air of exclusivity to the world of digital currencies. That’s especially clear when it comes to some of its biggest backers.
Secret parties, closed chat groups on platforms like Telegram and shared spreadsheets that rank investors’ strategies with ratings like “Diamond Hands” all make up the world of crypto venture capital. Big names like Pantera Capital, Polychain Capital and Jump Crypto participate in deals together, giving a coveted stamp of approval to budding projects.
But the idea that crypto VC is mostly a group of insiders revving each other up has its drawbacks. All of these firms had exposure to the collapse of the TerraUSD stablecoin and the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...