Summary List Placement
James Wang has always been a free spirit when it comes to technology.
In 2015, while working for chip producer Nvidia, he heard Cathie Wood, the founder of Ark Invest, speaking on Bloomberg Radio. He reached out to Wood and shortly after joined her then-emerging boutique asset manager as an analyst for the now $6.6 billion ARK Next Generation Internet ETF (ARKW).
In the early days, Wang worked with Christopher Burniske, who initially covered enterprise software for ARK and then became its blockchain products lead from 2014 to 2017.
At the time, the demise of Bitcoin exchange Mt. Gox and the bust of the online black market for drugs Silk Road had tainted the reputation of the cryptocurrency.
“The overwhelming narrative was that this is probably still a scam,” Wang said. “And if it’s not a scam or a Ponzi scheme, the government is in no way going to let this happen, they’re going to shut it down so anyone would be very foolish to invest in this kind of stuff.”
Wang was hesitant at first. Steeped in the traditional school of investing only in securities that produce cash flow, he did not want to step out of his circle of competence.
But Burniske, now a partner at venture capital firm Placeholder, started to convince him with “well-thought-out arguments” to many of his questions. Eventually, it was a serendipitous tweet that he came across while vacationing in Sicily, Italy that prompted him to start buying.
“It was not even a Bitcoin tweet, it was just a fortune cookie tweet that said the world is very chaotic and uncertain and you can never gain a full understanding of the world, so embrace uncertainty and don’t be so dogmatic,” he said.
In true free spirit fashion, Wang decided there and then that it …read more
Source:: Business Insider