China’s Top Angel Investors Pour $90 Million Into Crypto Hedge Fund, Betting on Recovery in Prices

The stomach-churning collapse of cryptocurrency tokens, savings accounts, and hedge fund Three Arrows Capital has wiped out fortunes just as the collapse of the Lehman Brothers investment bank did during the 2008 financial crisis. That means it’s the perfect time to buy cryptocurrencies, according to the founders of a young crypto investment firm backed by some of the most prominent Chinese tech investors.

The firm, Smrti Lab, just launched a new $90 million fund to accumulate bitcoin and ethereum. The new fund’s buy-and-hold strategy is a bold bet on a continual rise in the tokens’ prices after they fell more than 60% this year, though Smrti last year started a separate fund that bets both for and against certain crypto assets.