Former Trump administration chief of staff Mick Mulvaney, known for his positive attitude towards Bitcoin, is launching a hedge fund.
Former White House Chief of Staff under U.S. President Donald Trump Mick Mulvaney runs a hedge fund. Since 2014, Mulvaney has been recognized as a pro-Bitcoin (BTC) official, encouraging the practical regulation of cryptocurrencies.
The new fund called Exegis Capital was announced during a podcast with S&P Global Market Intelligence. Mulvaney would work together with former Sterling Capital Management portfolio manager Andrew Wessel.
At the „Bitcoin Demo Day“ conference in 2014, Mulvaney said he would like to see the government take the time to regulate Bitcoin.
He said the top cryptocurrency has the potential to become a medium for commerce and a means of payment. Mulvaney said at the time:
„My interest in trying to ensure that the government doesn’t act too quickly in a way that limits the potential for Bitcoin. Because I see the potential for Bitcoin as a medium for trading and as a transactional tool, and I would hate for the government to make early decisions that slow Bitcoin’s growth“.
Since then, he has continuously urged the government to regulate the cryptocurrency market efficiently. When Mulvaney was initially appointed Chief of Staff of the White House, sentiment among the leaders of the cryptocurrency industry was generally positive.
It remains to be seen whether Mulvaney’s enthusiastic attitude towards Bitcoin would cause the fund to become involved in the cryptocurrency market.
In recent weeks, the Bitcoin market has seen a peak in institutional inflow. Recently, Fidelity Investments filed an application with the U.S. Securities and Exchange Commission to manage a Bitcoin fund.
As Cointelegraph reported on 26 August, Fidelity Investments President Peter Jubber filed Form D for a Bitcoin export product with a minimum investment of $100,000.
Earlier, Fidelity said in an article titled „Bitcoin Investment Thesis: An Aspirational Store of Value“ that Bitcoin has the attributes of a store of value. It says so in the newspaper:
„Many investors consider Bitcoin to be an aspiring value store because it has the characteristics of a value store, but as such is not yet widely accepted“.
The growing institutional activity in the Bitcoin Code market naturally increases speculation as to whether more hedge funds would enter the cryptocapital space.
Fund is unlikely to end up in cryptocurrencies in the short term
In the short term, Mulvaney will probably not actively consider Bitcoin and cryptocurrencies due to his ties with the administration.
Although Mulvaney is no longer the White House chief of staff, he remains a special envoy. Given the Trump administration’s negative attitude towards Bitcoin, the likelihood that Exegis Capital would seek exposure to cryptocurrencies remains low, at least for the foreseeable future.