Russian-Jewish Billionaire Yuri Milner Loves Bitcoin

yurimilnerbitcoin11 July 2014 / Jewish Business News – Russian Billionaire investor and the founder of Digital Sky Technologies (DST) Global and co-owner of Group Yuri Milner, has made a strong statement of support in the virtual currency known as Bitcoin. He has reportedly invested an undisclosed amount of his personal fortune in Xapo, a new Silicon Valley Startup that acts as a Bitcoin bank.

Xapo, headquartered in Hong Kong, expects to grow into the emerging Bitcoin market. As the limited number of algorithms-generated virtual currency increase in value, it is not surprising that Milner is seeking a share in that market.

Milner has a reputation for picking the right high tech startups to invest in. He was an initial investor in Facebook, Zynga, Groupon and Spotify, when all of those companies were still considered startups.

His DST acquired a $1.2 billion stake in Twitter when it first went public, after having already invested $400 million in the social media company in 2011.

It is not surprising that Milner has made this investment, considering that he once told Forbes that by 2020 there would be 50 Internet companies with a total market cap of $55 billion. The investor further predicted that another ten such companies will be among the top 100 globally. The entire market cap of all such companies, he believes, will double from $1.5 trillion to $3 trillion in that timeframe….. Read more

Follow Twitter

Exchange Rate