June 23, 2021

Billionaire Hedge Fund Manager and a Former CFTC Chairman Reportedly Invested in Crypto Firm

2 min read

Christopher Giancarlo, the former CFTC Chairman, also known as “crypto father,” and the billionaire hedge fund supervisor Marc Lasry have actually apparently invested a concealed amount in the cryptocurrency and blockchain investment company BlockTower Capital.

Crypto Dad and Hedge Fund Manager Invest in Crypto Firm

Established in 2017, BlockTower is a financial investment company focusing on assigning funds in numerous cryptocurrency and blockchain jobs. The company has recently received backing and investment from prominent names, as reported by Bloomberg.

Although the coverage failed to define the accurate terms of the offer, it highlighted the involvement of Marc Lasry and Christopher Giancarlo. Lasry is the co-founder and CEO of Avenue Capital Group and the co-owner of the NBA’s Milwaukee Bucks.

On the other hand, Giancarlo served as the 13th Chairman of the United States Commodity Futures Trading Commission (CFTC) from 2014 to 2019. He’s possibly best understood in the cryptocurrency community as “crypto papa.” Throughout his tenure at the regulator, the United States authorized Bitcoin futures trading, and he has openly applauded the digital possession market.

By mentioning people acquainted with the matter, the report suggested that Lasry finished the investment in BlockTower Capital independently of his company. Giancarlo confirmed the relocation however had supposedly decreased to provide any extra comments.

Christopher Giancarlo

Christopher Giancarlo. Source: CNBC Not the First Crypto Involvement Shortly after stepping down from his CFTC position, Giancarlo said during a speech at Davos that bitcoin and other cryptocurrencies might have prevented the 2008 monetary crisis to a large level had they existed at the time. He has actually also urged the US to tokenize the greenback, thus releasing a “digital dollar.”

Lasry has likewise promoted on BTC’s behalf in the past. Most especially, possibly, he predicted that the cryptocurrency might surge to $40,000. While this projection indeed materialized and doesn’t seem like a huge surprise now, his forecast was available in 2018– in the middle of the year-long bearishness.

At the time, many agents of the traditional financial sphere blasted bitcoin for its enormous drop after it peaked at $20,000. Nevertheless, Lasry opposed this primary story by saying that the possession will eventually get mass adoption.

“The reason that I like bitcoin is since it’s the one everybody is going to come to.” – – he concluded.