President Donald Trump’s former White House Chief of Staff Mick Mulvaney is starting a hedge fund. The fund aims to bet on financial services stocks.
Hedge fund and its aim
The new fund, Exegis Capital, was announced during a podcast interview with S&P Global Market Intelligence released on 25 August. Mulvaney will collaborate with former Sterling Capital Management portfolio manager Andrew Wessel.
The long-short fund will capitalise on the duo’s knowledge of major regulatory changes that impact the financial services industry.
Since 2014, Mulvaney has been pro-Bitcoin, encouraging the government to efficiently regulate the cryptocurrency market.
Mulvaney’s initial appointment as the White House chief of staff had generated generally positive sentiment among cryptocurrency industry executives.
At the 2014 “Bitcoin Demo Day” conference, he said that the top cryptocurrency has the potential to become a medium of trade and means of payment.
“My interest in it is to just try and make sure that the government doesn’t act too soon in such a fashion that curbs the potential for Bitcoin. Because I see potential for Bitcoin as a medium of trade and as a transactional tool, and I’d hate to see the government make decisions early that sort of retard its growth,” Mulvaney remarked.
Bitcoin and hedge fund future
Mulvaney is no longer the White House chief of staff; however, he remains closely connected to the Trump administration as a special envoy to Northern Ireland.
In July 2019, President Trump made negative comments about Bitcoin and the other cryptocurrencies.
“Your typical cryptocurrency is basically a ‘frequent flyers’ programme, only without any airline attached. You hope someone will accept your ‘miles’ for something real. But there’s no guarantee,” he said at the time.
It is still unknown whether Mulvaney’s enthusiastic stance towards Bitcoin would lead the Exegis Capital fund to get involved in the cryptocurrency market.