Ari Paul, co-founder and CIO of BlockTower Capital, shares his journey from poker enthusiast to crypto expert. He discusses the challenges of getting institutions to embrace Bitcoin as an asset class and the hurdles of launching a crypto firm amidst market chaos. Paul delves into active trading strategies, the potential of NFTs and gaming, and the necessity for regulatory coherence. He also reflects on the balance between intense trading and personal well-being, emphasizing the importance of adaptability and timing in entrepreneurship.
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question_answer ANECDOTE
Poker to Trading
Ari Paul was aimless in college, drawn to poker more than classes.
Friends at Susquehanna International Group, founded by poker players, introduced him to trading as "poker 2.0."
question_answer ANECDOTE
Exploitative Play
Susquehanna's training included poker with side bets, teaching exploitative play.
A less-skilled player won by maximizing gains from weaker opponents.
insights INSIGHT
Structural Flaws
The 2008 financial crisis revealed structural flaws in institutional investing.
Incentives and bureaucracy often override logic, even for experienced professionals.
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Cixin Liu's 'The Three-Body Problem' is a critically acclaimed science fiction novel that blends hard science with compelling storytelling. The story follows a group of scientists who make contact with an alien civilization, leading to unforeseen consequences for humanity. Liu's intricate world-building and exploration of complex scientific and philosophical themes have earned him widespread recognition. The novel is known for its ambitious scope and its exploration of the potential challenges and dangers of encountering extraterrestrial life. It's a thought-provoking work that has captivated readers worldwide.
Ari Paul is the co-founder and chief investment officer of BlockTower Capital, a crypto and blockchain investment firm he started alongside Matthew Goetz in 2017 with backing from Andreesen Horowitz and Union Square Ventures. He started his career as a trader at Susquehanna International Group, and later found his way to the University of Chicago endowment as a portfolio manager, overseeing an internal hedge fund portfolio and assessing risk for the university’s $8 billion endowment. Our conversation covers Ari’s early lessons in trading, discovery of crypto while at University of Chicago endowment, obstacles for institutional participation, and launch of BlockTower in 2017 as a result. We discuss active management in the crypto markets, research and trading, portfolio construction, opportunities in NFTs and gaming, risks, and the exciting landscape over the coming years. While this episode concludes our current mini-series, we’ve just scratched the surface on crypto, blockchain protocols, and institutional engagement in the space. In the coming months, we’ll dive deeper into the evolving ecosystem with more key participants and ideas. Learn More Subscribe: Apple | Spotify | Google Follow Ted on twitter at @tseides or LinkedIn Subscribe Monthly Mailing List Read the Transcript
Capital Allocators – Inside the Institutional Investment Industry 