![He is making multi-year, illiquid, unhedgeable speculative i...](https://readwise-assets.s3.amazonaws.com/static/images/article2.74d541386bbf.png)
He is making multi-year, illiquid, unhedgeable speculative investments in brand-new crypto protocols because he thinks “the market’s going up” and because he hopes that those protocols can hire people and build value. This is a venture capital investment. And he describes it as an arbitrage .
✉️Josh BeckmanFwd: Money Stuff: Crypto Had a Credit Bubble
the zealots of a thing view investment as an arbitrage, when really it is a venture capital gamble.
Josh Beckman