Steven McClurg is Valkyrie Investments’ chief investment officer and manages approximately $500 million. He told Insider about the firm’s Bitcoin ETF plans and the move to Ethereum. He also made statements for 5 altcoin projects under his radar. Detail cryptocoin.com‘in.
Bitcoin ETF is planning
As optimism grows over the SEC’s approval of up to four Bitcoin futures ETFs this month, a Nashville, Tennessee-based cryptocurrency manager may be in the first place to reap the rewards of a long-awaited fund launch. Valkyrie Investments, which manages nearly $500 million in assets, has applied for a Bitcoin ETF and two Bitcoin futures ETFs under the Investment Company Acts of 1933 and 1940, respectively. As a junior issuer, Valkyrie was able to apply confidentially for Act ’33-related funding, but a Nasdaq filing in August revealed the firm was a pioneer.
With 19 bitcoin ETF applications pending with the SEC, President Gary Gensler has expressed his support for those registered under the 40 Act. Steven McClurg, chief investment officer of Valkyrie Investments, told Insider in an interview at the Chicago Trading Show that while he hopes SEC staff will allow the firm to launch the ’33 Act funding, he thinks the ’40 Act funding has a better shot. McClurg said that a futures-based Bitcoin ETF would likely attract more.
When it comes to trading new asset classes like oil, gold and other commodities, institutional investors are getting into crypto as many have no problem keeping up with the futures market. McClurg says:
Bitcoin is traded everywhere, so it’s hard for regulators to get their hands on the entire market. But CME futures are only in the US, so it’s already a regulated product. This gives them much more comfort to put in an ETF package.
From Bitcoin to the popular altcoin Ethereum
McClurg has been following Bitcoin since 2011. A good macro analyst, McClurg particularly resonates with the underlying philosophy of Bitcoin. McClurg: “After 10 years or more of monetary stimulus, we’re finally getting inflation. If you have an inflation rate of 5%, then that’s actually a tax on anyone who has dollars. But you can’t print more Bitcoins because there are only 21 million,” he says.
Bitcoin’s adoption curve is also bullish as El Salvador embraces cryptocurrency as a medium of exchange. McClurg, who founded two crypto companies, one of which was acquired by Galaxy Digital, is always looking for the next disruptive blockchain technology. Like most investors switching from Bitcoin to Ethereum, he started investing in Ethereum because the once “great technology” was “a bit outdated anyway”. The investor also says: “There are new protocols that compete with Ethereum that are much faster, lower cost, and more secure.”
5 altcoins on your radar
Its team of cybersecurity and mining experts spend a lot of time talking to developers and doing in-depth due diligence to review projects. Apart from Bitcoin, they have identified five altcoins for tokens that they believe are undervalued. One of them is Polkadot (DOT), which was created in 2016 by Ethereum co-founder Gavin Wood. Polkadot has been nicknamed the “internet of blockchains”, given its ability to run on multiple chains. It aims to enable different public and private blockchains to connect with each other.
Algorand (ALGO), a smart contract platform launched in June 2019, was created by Silvio Micali, a computer science professor at the Massachusetts Institute of Technology. Like many Ethereum competitors, it claims to provide faster transaction speeds, lower costs, and improved security. McClurg said the protocol was built from the ground up to support the Know Your Customer and Anti-Money Laundering rules, an important feature given today’s crypto regulatory review.
While Polkadot and Algorand are catching up with Ethereum in the US, according to him, Tron (TRX) is winning the war in Asia. “There are now more Tether transactions taking place on Tron than any other blockchain, and they also have a large NFT market,” the investor said. Also based in Asia, Zilliqa (ZIL) is a decentralized smart contract platform built to scale and claims to have a transaction speed a thousand times faster than the Ethereum network.
Valkyrie also risks assets it holds in various trusts, which, according to McClurg, was the main reason the company started the Dash trust. Dash (DASH), a fork of Litecoin, is a decentralized cryptocurrency that aims to emulate Bitcoin while offering greater scalability and security. He added that with a fixed supply of 18.9 million, the crypto token has been used as a medium of exchange in parts of South America and Africa since its inception in 2014.
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