Morgan Creek’s Blockchain Fund Gets $61M Boost As Two Pension Funds Double Their Initial Investment
Morgan Creek Digital, a digital asset management firm, has raised an impressive $61 million for its new blockchain fund. This new fund is to help explore the potential of making use of a distributed ledger.
On the 18th of October, Morgan Creek had submitted a filing. This filing was for its second blockchain fund, sent to the Securities and Exchange Commission (SEC), the US security management firm. The fund, so far, has raised a hefty $61 million in funding from 11 different investors. The filing was a Form D, requesting an exemption for the offering and showing that the first offering was on the 16th of October and still going.
Today we announced Morgan Creek Digital recently held a 1st close of $60M for our 2nd venture fund.
Our institutional investors continue to re-up & a few increased their investments 2.5x or more.
— Pomp 🌪 (@APompliano) October 22, 2019
Anthony Pompliano, the co-founder of Morgan Creek, interviewed the subject matter. He explained that the fund’s ultimate goal was to raise $250 million, with another funding round this December to try and facilitate this. Along with that, there is a planned round at the end of Q1 in 2020.
Pompliano expanded, saying that two significant investors increased their investments to more than twice the amount initially placed. When Pompliano was asked to identify the public pension funds that have taken part in the funding, he did so without trouble. He identified them as Fairfax County Employee Retirement Pensions and Fairfax County Police Pension.
He added some exciting news: A hospital system was taking part as well. This marked the very first hospital system on US soil that will participate in a blockchain fund. The system itself is named WakeMed. He continued by saying that Morgan Creek will carry on with the same plan they had at their first fund. They are searching for entrepreneurs in the initial stages of constructing their various companies. They wish to support them with the resources gathered with the fund.
Bitcoin Valued At $100,000 by 2021
Mark Yusko, Founder, Chief Executive Officer and Chief Information Officer of Morgan Creek, released a statement in July this year. In this statement, he claimed that the crypto market had found itself in the next parable of its price range. He added that bitcoin would probably hike up to $30,000 before another correction happens. With this information in mind, he claimed that a single bitcoin would be worth $100,000 in 2021.
Considering the financial state of the global economy and the current time of year, it would be interesting to see. Bitcoin would need an incredible price hike to happen relatively soon for his prediction to be correct. It will be interesting to see if this man’s claims will come to fruition.
Yusko has rather famously predicted that the world’s first cryptocurrency would reach $400,000 at some point in time. A sum of money that would make one one-thousandths of a bitcoin $400.