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But now, a bigger wave of existing crypto players and old hands in finance who want in on this new world of value are launching funds. However, unsurprisingly, given how many new crypto-millionaires have been minted, complete newbies and others with little understanding of the technology are also rushing in to capitalize.

Because of this frenzy, some seasoned players in the space are refraining from jumping in. William Mougayar, general partner at early stage fund Virtual Capital Ventures and author of The Business Blockchain who organized Token Summit, wrote via email, “I don't want to be in the difficult position of explaining to my limited partners 8-14 months from now why the assets have dropped by 80% within a week.” He views the new hedge funds as helping to further inflate valuations. He plans to raise a fund after a crash or serious correction.

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