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Morgan Creek Digital Makes History with First-Ever Pension Fund Investment in Bitcoin

Morgan Creek Digital Makes History with First-Ever Pension Fund Investment in Bitcoin

Morgan Creek Digital has attracted investments from two pension funds for their new venture capital fund, marking the first of its kind in the crypto industry, reported February 12, 2019.

New Money

Pension funds are one of the most heavily pursued classes of investors. This is because a single pension fund usually has accounts of hundreds, if not thousands, of people and any investment they take on is exposed to this large number of people.

Now, the crypto community has attracted its first ever pension fund investment. This was done by Morgan Creek Digital who secured two pension fund investments as reported Bloomberg on February 12, 2019.

The firm secured these investments by launching a $40 million venture capital fund which saw backing from two pension funds in Fairfax County, Virginia, along with an insurance company, a university endowment, and a private foundation.

One of the biggest selling points of a crypto venture capital fund to mainstream investors is that it is based on blockchain technology, which is an emerging innovation with varied applications especially in the world of finance.

This was supported by Katherine Molnar, chief investment officer of one of the funds which invested, who stated that blockchain is an “emerging opportunity” which offers an “attractive asymmetric return profile.’’

How the Venture Will Work

According to Morgan Creek Digital founder Anthony Pompliano, the new venture will work the way a traditional VC would. In this case, the funds will be invested in equity in a number to firms in the blockchain space while some will be held in cryptocurrencies such as bitcoin. Pompilano has also stated that his firm is not deterred by the volatility in the cryptocurrency market.

“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,’’ Pompliano said in a phone interview with Bloomberg.

“The smart money is not distracted by price but looks at the long-term trends, and believes they’re betting on innovation as a great way to deliver risk-mitigated returns.’’

When bitcoin lost a significant percentage of its value in late 2018, it signaled the end of certain firms, particularly those that specialized in mining. This has, however, not deterred the attracting of mainstream investors into the blockchain industry such as banks, government powers, and powerful private firms.

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Published at Wed, 13 Feb 2019 11:20:02 +0000

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Bitcoin Price Analysis: Double Bottom Reversal Chases Out the Bears

Bitcoin Price Analysis

In our previous BTC-USD analysis, there was a fear of a massive Head and Shoulders pattern that had very low price projections for the entire crypto market. In a turn of events, when BTC-USD made its test of the Head and Shoulders neckline, it actually responded in a market reversal.

BTCUSD HS Rejection.png

Figure 1: BTC-USD, 6-hr Candles, GDAX, Head and Shoulders Rejection

Yesterday, the crypto market took a turn upward as the market leader made a Double Bottom Reversal pattern that sent a market-wide bear run into an immediate bull run. As the BTC-USD market made an attempt to test the boundaries of the lower prices of the bear run, volume began to pick up and sent us into a market reversal. How does one spot this pattern and where are we headed in the next few days?

BTCUSD Double Bottom.png

Figure 2: BTC-USD, 30-min. Candles, GDAX

Characteristics of a Double Bottom Reversal pattern include the following:

  1. A descending trendline within an established bear trend (shown in white)

  2. An initial bottom that temporarily reverses before retesting the established low (basically forming a “W” pattern)

  3. After a test of the previously established low, the test is rejected

    1. It is important to note that in order to confirm the reversal pattern, typically you want to see consistent increased volume at the lower values (shown in dark pink)

  4. After the low is rejected a second time, it continues upward and breaks the descending trendline established in step 1 (shown in yellow)

  5. After breaking the descending trendline, the price then forms a “neckline” with the rest of the pattern (shown in light pink)

  6. From there, to confirm the trend reversal, we would want to see a break of the neckline followed by a retest of the neckline (shown in light blue)

All the above characteristics are very strong indicators of a complete bear market reversal into a bull market. As mentioned in the previous BTC-USD analysis, the bear run would continue the trend downward until significant volume picked up. In our case, the volume picked up very strongly and made a complete market reversal. Much like BTC-USD, this pattern is seen throughout several major players in the crypto market: ETH-USD, LTC-USD, ETH-BTC, etc.

It is unclear where the top of the bull run will lead us, but what is clear is that volume has dramatically picked up, indicating market interest in the higher prices. Until the volume begins to die down, the price will continue to push higher.

Summary:

  1. Head and Shoulders pattern was strongly rejected in the form of a Double Bottom Reversal

  2. Bearish trend has ended in a strong bull trend

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Double Bottom Reversal Chases Out the Bears appeared first on Bitcoin Magazine.

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