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Six executives from Houston-based Citgo have reportedly spent 15 months jailed in Venezuela on what their families say are trumped-up corruption charges. As the Trump administration tries to unseat Venezuelan President Nicolas Maduro, the fate of the executives—five of them US citizens—lies in the balance, per the AP…
General Electric is scaling back its planned Boston headquarters, including selling the property and dropping plans to add hundreds of jobs.
WSJ.com: US Business
Joseph Pero, 37, was in a bad way. He’d recently divorced from his wife. He was facing financial issues. He was, as he put it, “in a dark place.”
Pero loaded his Glock 17 handgun. He aimed at his heart.
He pulled the trigger.
The bullet punctured Pero’s lungs and fractured six ribs.
An El Nino, which can alter weather worldwide, has formed but it’s so weak and late that it shouldn’t be a big deal, US forecasters said. The National Oceanic and Atmospheric Administration announced Thursday that the climate feature formed in the central Pacific, but forecasters don’t expect it to last…
Actor Jussie Smollett on Tuesday dismissed any suggestion that he has been less than cooperative with police since the star of the Empire television drama reported he was attacked by two masked men in Chicago last month. Smollett’s representatives issued a statement a day after police said the heavily redacted…
Two American public sector pension funds have reportedly backed a new cryptocurrency industry venture capital fund with a large tranche of a combined $ 40 million investment. The deal is being hailed as a show of confidence in the field from some of the most conservative types of investment managers.
The Morgan Creek Blockchain Opportunities Fund
Anthony Pompliano, Partner at Morgan Creek Digital, the asset management firm backed by multi-billion dollar investment advisor Morgan Creek Capital Management, has announced a new $ 40 million crypto venture fund anchored by two public pensions. In typically defiant terms, ‘Pomp’ as he’s known on crypto Twitter declared: “The institutions aren’t coming. They’re already here.”
The two funds providing the main backing for the Morgan Creek Blockchain Opportunities Fund are said to be the Fairfax County Police and the Fairfax County Employees’ pension plans. Other participants reportedly include an insurance company, a hospital system, a university endowment fund and a private foundation.
The new fund is said to be structured like a traditional venture capital fund and will mainly invest directly in the equity of companies involved in the digital assets industry. However, the fund will also reportedly hold a small portion of its capital in cryptocurrencies. Morgan Creek has already made investments in companies such as Bakkt, Blockfi, Coinbase, Realblocks, Harbor, Open Finance Network, Cityblock Capital, Namebase, Good Money, and Digital Assets Data.
Every Pension Fund Should Buy Bitcoin
Morgan Creek Digital has been working on opening up the cryptocurrency market to pension funds for a while now. In August 2018 it launched the Digital Asset Index Fund, which was designed to provide endowments, foundations, pensions, wealthy families, and sovereign wealth funds access to broad-based crypto investment exposure.
In December, Pompliano wrote in a Medium post that “every pension fund should buy Bitcoin.” Explaining how this could be made to happen, he wrote: “It will take time for pension funds to get comfortable with investing in Bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in. Bitcoin has the potential to save us from the current pension crisis. We just need one or two courageous individuals to make the first move.”
What do you think this investment by pension funds means for the cryptocurrency ecosystem? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Germany said it would step up efforts to shield important industries from foreign takeovers and competition, as it seeks to counter what it called growing protectionism in the U.S. and China.
WSJ.com: What’s News Europe
Investigators say a Maine man died when he returned to a burning house to get his dog, the AP reports. Maine Public Safety Department spokesman Steve McCausland says the man escaped with his family before going back inside Monday evening in the town of Orland. Firefighters recovered the body of…
Earth to Pete Davidson: You do this how, exactly? The 25-year-old Saturday Night Live star was seen holding hands with the glamorous 45-year-old actress Kate Beckinsale on Friday night in Los Angeles after he performed at a comedy venue—where he did a joke about former fiancee Ariana Grande, People…
Right now, Democrats have a winning hand when it comes to a border wall. But when it comes to border security, Trump essentially has carte blanche