Bitcoin Opportunity Fund Sets Out To Raise $100 Million Fund
- The Bitcoin Opportunity Fund has announced the creation of a $100 million fund.
- The fund allows high-net-worth individuals to invest in the Bitcoin ecosystem.
- It will aid in the expansion of the Bitcoin ecosystem across several levels, beginning with the Lightning Network layer and progressing to the application layer.
According to Bloomberg, the Bitcoin Opportunity Fund is seeking to raise $100 million in the context of the volatile crypto market.
The Bitcoin Opportunity Fund, led by six investors, including managing partners James Lavish, David Foley, and Cory Klippsten, will invest in bitcoin-related public and private companies. The team said they put a significant portion of their net worth into the fund.
It is the investment platform for high-net-worth individuals wishing to diversify into the world’s biggest cryptocurrency.
In a statement, the Bitcoin Opportunity Fund’s managing partner, James Lavish, underlined the worth of the biggest cryptocurrency on the market today:
“Bitcoin has unique features of decentralization, censorship-resistance, and scarcity, allowing it to serve as the cornerstone for the next technology revolution. Bitcoin will disrupt and establish new financial markets, and we feel that diversifying assets into this arena is critical.”
The fund’s launch comes amid a long-running crypto bear market, a major slump in the tech industry, and, most recently, the failure of three US banks in rapid succession. This is a very delicate period for the overall market in general and the crypto market in particular.
Even before the failure of Silicon Valley Bank, as well as crypto-friendly Signature Bank and Silvergate Capital, the digital-asset market had been hit by a string of setbacks, ranging from the demise of hedge funds Three Arrows Capital and Terra to the stunning meltdown of FTX.
Nonetheless, Bitcoin is now highly positive, with its price having risen to $26,000 in the last week.
The fund will use a hybrid method of public and private investments to maximize profits while assisting in the expansion of the Bitcoin ecosystem across various levels, beginning with the Lightning Network layer and progressing to the application layer.
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