ConsenSys Co-Founder Unveils $100 Million Ethereum Fund

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Investors who are looking to make a quick and easy buck now have yet another option in the crypto world. Digital Asset Risk Management Advisors (DARMA) launched its infamous Ethereum fund some time ago and allegedly managed to sell the highs and buy the tip to hold 2,500 ETH for every 1,000 ETH it was holding. Now, ConsenSys co-founder Andrew Keys has joined the DARMA team on a full-time basis to help it launch similar funds for Bitcoin and Filecoin.

Disappointing Move for Bitcoin

DARMA will make use of Keys to develop similarly successful funds for Bitcoin and Filecoin, but this has come as rather disappointing news to the wider crypto community. Bitcoin was designed as a peer-to-peer electronic cash system, and using it as a speculative investment would make Satoshi Nakamoto turn in his grave – if he is dead, of course. While this type of fund will help Bitcoin secure the status of “store of monetary value”, it will detract from its ability to be a peer-to-peer electronic cash system. This could play right into the hands of Bitcoin SV who claims Bitcoin Core is slowly moving away from its true identity.

Wall Street Money Could Flood In

Putting all the negative aspects of this fund aside, it could be an incredible opportunity for more Wall Street money to flow into the crypto world – helping pump up the prices of Bitcoin. If you’re long on Bitcoin, this news is good for you. As more money from Wall Street flows into Bitcoin, the supply will drop and raise the price. If the fund proves to be wildly successful and sees half the gains that the Ethereum fund claims to have already made, then we will likely see a large number of investors flock to it.

Ethereum Fading Away

Since its all-time high back in December 2017, Ethereum has lost around 97% of those gains. On top of that, the network has frequently suffered from GAS price attacks from spam dApps – making transacting in Ethereum rather costly. On the back of these factors, Deloitte has decided to take the plunge and move all of its clients from Ethereum to VeChain in a bid to provide a better level of service.

If DARMA and Keys manage to set up a profitable Bitcoin fund then we could see a huge shift in Bitcoin users, as more institutional money floods into the crypto space. If it’s anywhere near as successful as the Ethereum fund, we can expect the Bitcoin fund to see large returns.