Blockchain North Founder & CEO, Florent Thévenin, speaks with Shaun Cumby, CEO & Co-Founder of Arxnovum Investments Inc.
I founded Arxnovum Investments to invest in digital assets and the blockchain and crypto space.
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We were recently acquired by Virgo and we’re thrilled to be able to address a much larger audience and investor base. My “why” is because I believe that we are in the midst of a transformative new technology akin to the creation of, for example, cellular phones 30 years ago.
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Where do you think we are in the crypto or blockchain life cycle?
We’re still very early. This past year has just been one of acceptance by the who’s-who. Once BlackRock said ‘we are going to come out with a Bitcoin ETF,’ every institution in the world has taken notice.
As a traditional investor with a lot of experience, what is the appetite for crypto and blockchain projects in the investment community today?
It’s huge and growing. A $7 trillion asset manager like BlackRock is not going to come into the market if there isn’t demand. Larry Fink used to say, ‘I don’t see the demand.’ Well, he sees the demand today.
We’ve talked to some of the largest family offices in the country and they’re currently already involved. The banks are going to get into the space, and it’s going to be the first movers, like in everything—the internet, cellular technology, the new genomics revolution—that will win long-term.
We were involved in a previous company that brought the Bitcoin Fund and the Ether Fund to the Toronto Stock Exchange. We had to drag the regulators kicking and screaming to approve it. We had to take them to court and we won. But by winning, we were allowing Canadian investors to simply gain access to Bitcoin at $9,000 and Ether at $650.
There’s no excuse. Now, you can’t say, ‘Oh, this is used by criminals,’ or ‘we don’t understand this technology’ or ‘this might go to zero.’ Those days are gone. That’s like saying ‘gold is going to go to zero’ or ‘gold is not useful.’ Bitcoin and the blockchain are here to stay. It’s just a matter of whether or not you’re going to play.
A topic I know you’re quite passionate about is the potential of Bitcoin for investors. Do you want to speak to that?
The potential is huge. This is something that is very different. This isn’t a local company. This is a global technology that can benefit every person on earth. From somebody in Afghanistan doing all of their banking on a mobile phone to incredibly large sovereign wealth funds that need a long-term store of value.
Look at the thesis of somebody like Michael Saylor who has bought billions of dollars worth of Bitcoin. This is going to be a store of value that’s immutable, that allows people to step aside from debt-based fiat currencies.
Any last message to wrap us up?
I wouldn’t want to see anyone put all of their money into Bitcoin. But put some of your money in Bitcoin. “Get off zero,” as they say. One, two, or five percent—whatever you feel comfortable with.
Understand that this is a long-term technology. Imagine back in the day, you had two brilliant engineers from Motorola wandering around the basement with two cellular phones. “Can you hear me now?”
The value of that electromagnetic spectrum was zero. You had a network of two guys. Now, we’ve got seven billion smartphones in the world and the network is enormous. Tiny slivers of cellular spectrum sell for hundreds or millions of dollars because it’s a global technology.
Bitcoin and its associated blockchain are the same thing.
Interview edited for clarity.
Emphasis added by editor.