Rahul Rai Rahul Rai
Rahul Rai, crypto fund manager at Cryptofund, told Insider that cryptocurrency is still in its rocketship growth phase.
Rai, a 24-year-old, became a millionaire after he sold BlockTower Capital, the fund he co-founded, to BlockTower Capital.
Bitcoin's market value has now surpassed $1 trillion and has reached $50,000
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Rahul Rai, a crypto hedge fund founder and millionaire aged 24, believes that bitcoin is growing at an extraordinary rate.
Rai, co-head Market Neutral at BlockTower Capital and the BlockTower Gamma Point Market Neutral Fund, said that crypto will revolutionize the traditional financial system.
Rai said that cryptocurrencies and blockchain technology are the foundations of a new financial system and will reshape large sectors of the global economic system in a recent interview with Insider.
Rai stated that Crypto is only just beginning and is currently in its rocketship growth phase.
This space has seen a lot of innovation in cryptocurrencies, but they are not the only ones. Nearly half the world's central bankers are developing their digital currencies.
Assets that are locked onto DeFi platforms (such as non-fungible tokens) have seen a surge in popularity. This market is valued at around $100 billion. Celebrities, artists, and athletes have all raced to endorse these digital collector's items.
It's mind-boggling. He said, "It's absolutely mind-boggling. I wish I could have foresight. There's no way I could've predicted how quickly this ecosystem would grow."
Rai, who was part of Morgan Stanley's foreign-exchange hedge fund team, created his own crypto hedge fund with Sanat Rao, Eash Aggarwal, and set it up in January 2018. Gamma Point Capital was purchased by BlockTower Capital for $35 Million five months later.
Bitcoin's recent rise to over $50,000 has seen it regain a market value above $1 trillion for the first times in months. Rai believes that this rally is only the beginning of a larger one - not just for bitcoin but also for digital assets and cryptocurrencies more broadly.
Over the past 12 month, Bitcoin has seen a 442% increase in value. It is not the only coin that has experienced a significant rise over this time period. Ether has increased 986%, dogecoin has risen 3,022%, while sol of solana has risen 2,351%.
Rai stated that the ecosystem's growth has been an important part of his success.
He said, "Being in a high-growth industry makes it easier to scale quickly and build upon your strengths."
He said, "I've been extremely fortunate to work with brilliant colleagues in a field I love and it's something I really want to do with my time."
