We believe blockchain technology has the potential to transform vast segments of the global economy.Exposure to both White and Black Swans White swans: if the Internet continues to permeate every aspect of our lives, devices will negotiate payment with one another using digital currencies. Black swans: if a major economy collapses, if countries clamp down on currency leaving their borders, we will see a huge amount of capital flow to decentralized cryptographic assets that are free from government control.We Invest in Coins, not Companies An investment in blockchain companies has three layers of risk: The underlying currency must appreciate. The company must execute well. The investor must wait until a liquidity event. By investing in the underlying digital currency, we remove these last two risks.
