Days before Bitcoin fell decisively below $40,000, and two months before his hedge fund went bankrupt, Su Zhu sat down for an interview in the Bahamas, one shoeless foot tucked under his leg. An investor as legendary as they come in the decade-old cryptocurrency industry, he had a message that matched his relaxed demeanor. When there's a lot of despair, you can start buying, he said at a podcast recording for the FTX exchange. You don't have to follow the despair.
That kind of steely optimism isn't hard to find in a crowd that turned the typo HODL into a mantra for never selling. But Zhu wasn't just any laser-eyed crypto trader. With his schoolmate Kyle Davies, he ran the hedge fund Three Arrows Capital. With a few billion dollars under management, it was far from massive by Wall Street standards. But in digital assets, it was a heavyweight.
More than that, Zhu and Davies were an integral part of the crypto market's densely woven web. Their fund was a venture investor in crypto startups and, in some cases, manager of their corporate treasuries. It was both an aggressive borrower from large lenders and a shareholder in some of those lenders. It was a corporate parent for other fledgling funds. The duo were social media influencers as well as brokers of deals and introductions.
هذه القصة مأخوذة من طبعة July 18, 2022 من Bloomberg Businessweek US.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 18, 2022 من Bloomberg Businessweek US.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers