- March 12, 2022
- Posted by: Bogdan
- Category: bitcoin, Bitcoin Beach, bitcoin investment fund, Cory Klippsten, El Salvador, El Zonte, El Zonte Capital, hyperbitcoinization, Investment fund, Jack Dorsey, Max Keiser, Singapore, Stacy Herbert
A new investment fund, El Zonte Capital hopes to bring the Bitcoin Beach experience to the whole world. Controversial journalists and podcasters Max Keiser and Stacy Herbert joined forces with Swan Bitcoin’s Cory Klippsten to put their money where their mouth is. El Zonte Capital has $5M in committed funding, and that’s just the beginning.
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The place where El Salvador’s Bitcoin Law started, El Zonte AKA Bitcoin Beach is the inspiration behind the venture. “El Zonte is hyperbitcoinization. Hyperbitcoinization is economic freedom, and hyperbitcoinization is our main investment thesis,” Keiser said to Bitcoin Magazine.
Max Keiser & Stacy Herbert Launch El Zonte Capital https://t.co/tZvf7u7Pte
— El Zonte Capital 🏄🌋🇸🇻 (@ElZonteCapital) February 15, 2022
For the last two months, Keiser and Herbert experienced the bitcoin life first-hand by living in El Salvador. Speaking about their conversations with politician and merchants around the country, Herbert said, “We’ve been asking hard, deep questions to all of them and discussing their plans extensively. This is the place to be.” Keiser added, “After experiencing what it actually looks like, we see this as the inevitable near future for everyone else. We are riding this wave as any surfer would.”
What Will El Zonte Capital Do?
To get into the meat of things, we give the mic to Bitcoiner Ventures’ Cory Klippsten. He said, “We hope to facilitate a two-way exchange of ideas and resources, with companies around the world bringing their products and services to El Salvador, and companies based in El Salvador exporting their innovation to the rest of the world.”
The trio is no stranger to investing, nor to bitcoin-specific investment. As a partner in Bitcoiner Ventures, Klippsten has a stake in Impervious, social network Zion, the Breeze wallet; and giants like Galoy, Unchained Capital, and Bitrefill. For their part, Keiser and Herbert have investments in Kraken, Swan Bitcoin, and Bitfinex.
BTC price chart for 03/11/2022 on Bitstamp | Source: BTC/USD on TradingView.com
Should You Bet On El Salvador?
El Zonte Capital’s founding members couldn’t be more bullish on bitcoin and El Salvador. Keiser told Bitcoin Magazine, “The future is all around us. I haven’t been this excited about Bitcoin since I first heard about Bitcoin.” Herbert added, “El Salvador is drawing in the smartest, most creative people. Jack Dorsey recently said that ‘a big part of the future is happening in El Salvador,’ and he’s not wrong. The future is now and it is right here”
Bitcoin conversation was had
— Stacy Herbert 🇸🇻 (@stacyherbert) February 11, 2022
Their answer to the title’s question is a resounding yes. “We will look at education and education technology to onboard as many people as possible. El Salvador will be bigger than Singapore.” Keiser’s prediction here is ambitious, to say the least. But bitcoin is legal tender in El Salvador and not Singapore. And bitcoin companies know this.
Can El Zonte Capital Shake The Market?
What does “hyperbitcoinization is our main investment thesis” mean? It means that El Zonte capital is betting on the whole world adopting bitcoin. Will that happen overnight? Probably not. So, the investment fund is playing the long game. Also, they’re funding companies that will probably take years to take off.
— Ray Youssef (@raypaxful) March 11, 2022
So, no, El Zonte Capital will not immediately shake the market. However, if you lower your time preference, you’ll be able to see the importance of this investment fund. Their funding aims to make El Salvador’s experiment successful. Plus, they’re not investing in the present of the bitcoin network. El Zonte Capital is looking at the future. Planting the seeds of what is to come.
So, yes, El Zonte Capital and the companies they fund will hopefully affect the market at a future date. If everything goes according to plan, hyperbitcoinization will take over the world. That’s the day El Zonte Capital is betting on.
Featured Image by 12019 on Pixabay | Charts by TradingView