Pres. Trump’s Ex-Chief Of Staff Launches A Hedge Fund; Will It Invest in Cryptocurrencies?
Mick Mulvaney, who served as chief of staff under President Trump, has launched a hedge fund. From 2014 after Mulvaney has been acknowledged as a pro-Bitcoin crusader calling for crypto-friendly regulations in the country.
Mulvaney has partnered with ex Sterling Capital Management top manager Andrew Wessel to launch the new fund known as Exegis Capital. The new hedge fund was revealed at a podcast with S&P Global Market Intelligence.
During the Bitcoin Demo Day conference held in 2014, Mulvaney urged the government not to rush to regulate Bitcoin. At the time, Mulvaney stated that the king coin could easily become a crucial medium of trade as well as a vital means of payment. He explained:
“My interest in it is just to try and make sure that the government doesn’t act too soon in such a fashion that curbs the potential for Bitcoin. Because I see the potential for Bitcoin as a medium of trade and as a transactional tool, and I'd hate to see the government make decisions early that sort of retard its growth.”
From that day, Mulvaney has vigorously urged the government to regulate the crypto sector prudently. After Mulvaney was appointed as White House chief of staff, the crypto industry executives generally supported the move.
However, it remains unclear whether Mulvaney’s optimistic view of Bitcoin will lead the newly launched fund to be active within the crypto market.
In the last few weeks, the Bitcoin market has witnessed a surge in institutional investors. The recent entrant is Fidelity Investments, which is seeking approval from the U.S. Securities and Exchange Commission to launch a Bitcoin fund.
The surge in institutional players within the Bitcoin market has led to speculations on whether other hedge fund players are set to enter into the crypto space.
Although Mulvaney has long left his White House appointment, he still holds a special envoy post. Trump’s administration has maintained a negative stance on cryptos, and it is unlikely that Exegis Capital will immediately jump into the crypto market.