We have seen one of the first small index fund projects like Crypto20. But now we have news of Morgan Creek partnering with Bitwise to create the 'Digital Asset Index Fund'. With a minimum investment of $50,000 USD, Morgan Creek and Bitwise aim to create a long-term investment for endowments and retirement funds. Earlier this year, Grayscale launched the 'Digital Large Cap Fund', a similar index fund investment vehicle.
All of this is indicative of a growing openness of traditional investors to cryptocurrency. And not just for short term profits, but for long term opportunity. Long term investments are predicated on optimism. With these index funds and other mutual fund opportunities within crypto, the industry will mirror tradition markets more and more. While this may receive a lot of pushback from crypto purists, mass adoption will occur across a spectrum of industries and the powerful will mold the systems to maximize their control and profits. A lot of us are along for the ride and how we adapt to those changes will determine our experiences over the next few years.
I spoke yesterday about Iran's national cryptocurrency and today we have news of another surprising nation forming their own exploratory team to take a closer look at crypto. India has not treated cryptocurrency well over the past few years but signs are pointing to a thawing of sorts.
"...the RBI-led unit will supervise the burgeoning asset class and big data technologies, draft rules and regulations relevant to local sentiment, and conduct research to understand the three domains."
While limited on the purpose of forming the taskforce, the time and resources committed means they are taking the industry seriously. As a new nation every week announces plans to explore and research blockchain technology, these nations legitimize an otherwise perceptually 'risky' industry. It will be intriguing to see the outcome of this taskforce and if India will be more open to cryptocurrency in the near future.
Rumors swirled a few months back about Facebook potentially buying the brokerage website, Coinbase. An intriguing but scary thought for crypto-enthusiasts that try to at least sheild their data from big companies. I futile attempt in my opinion. But to have Facebook have direct access to crypto and millions of users was oddly optimistic.
Yes, a lot of people hate Facebook. But they have 2 billion users. Suddenly 2 billion users would have (presumably) immediate access to cryptocurrency through their Facebook account. Immediate mass adoption would be a possibility then. So far those rumors appear to be unfounded.
However, today we found out that a different Zuckerberg has joined the crypto-verse. Randi Zuckerberg has been announced as joining Houbi's Advisory Team. Noteworthy? Yes. Easy to read too far into it? Definitely. Sometimes Advisors are pivotal to the success of a project. And other times, advisors do nothing. Simply having their name attached increases the project's credibility.
As a graduate of Harvard and a decorated professional in tech and in television, Zuckerberg has the resume and tools to contribute to a project. However, Houbi is one of the largest exchanges in the world. Without being presumptuous, the news of a Zuckerberg having an increased role in crypto is noteworthy, if only from a name recognition standpoint.
