Billion Dollar Hedge Fund Invests Big in ICON (ICX)
Pantera Capital Management LP, a cryptocurrency hedge fund managing over US$1 billion in digital assets, has confirmed that it’s biggest investment lies in South Korean interoperability-focused blockchain ICON (ICX).
Chief Executive Officer Dan Morehead told Bloomberg Television in an interview this week that he believes that the price of Bitcoin (BTC) will make a strong recovery and even reach new all-time highs within the next year.
Despite this, their overall investment in the market-dominant cryptocurrency accounts for roughly five percent of their total funds in play. The firm takes advantage of macro-style investment plays, using overall sentiment of the market to make calls on buying and selling. Github commits, Twitter, mining fees are all watched via machine learning algorithms to aid Pantera in maximizing profits.
Around fifty percent of their capital lies in the more liquid and live cryptocurrencies, such as Bitcoin and Ethereum, while the rest is invested in Initial Coin Offerings (ICOs) in various stages.
ICON (ICX) has been generating a huge amount of excitement and speculation of late due to the impending launch of their ICO platform, scheduled for the 30th of April, just under three days away.
The platform, for now, will not be open to the general public for token creation such as Ethereum’s. Those seeking to launch ICOs on the ICON blockchain must first apply and be selected for approval and even potential funding via theloop, part of the ICON Foundation.
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