Billionaire Henry Kravis Bets His Money on Crypto

Henry Kravis, a billionaire who finds frequent mention in the world’s rich lists, has decided to put his money in the crypto space, as per a Bloomberg report published on the 28th of June, 2019. He has apparently invested money in a blockchain-oriented investment firm founded by a former employee of his.

Ben Forman, who was formerly employed with Kravis’ firm KKR & Co, decided to found his firm ParaFi Capital, in San Francisco, after having left his earlier job. He said that his former employer had invested in the flagship fund of his company. Talking about his decision to leave a stable job to found a crypto investment company, he said:

“While I toyed with the idea of pursuing blockchain investing within KKR, it was clear to me that the firm did not provide the optimal format to do so. Instead of pursuing crypto at KKR, I wanted to build the KKR of crypto.”

Kravis is believed to have a net worth of $5.7 billion, if Forbes data is to be believed, while ParaFi manages around 25 million dollars worth of assets now. By the first quarter of next year, Forman plans to have that amount quadrupled.

Clearly, if a multi billionaire like Kravis is betting his hard-earned money on crypto, there is reason to believe that ordinary investors should follow his lead. After all, he did not make all that money out of thin air. If we consider Bitcoin’s latest bull run, regardless of its “flash crash” yesterday, we will see how its particularly profitable for investors at this juncture.