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Brian Ach/Getty Images

Michael Arrington, founder of pioneering tech news site TechCrunch, is raising up to $100 million for a hedge fund that will primarily invest in cryptocurrencies like Bitcoin and Ethereum.

Why it matters: There have been more than 100 crypto hedge funds launched this year, but this one is unusual in that it will be initially denominated in a cryptocurrency called Ripple XRP, rather than in dollars or another fiat currency. Arrington argues the structure will make investments and redemptions faster (and eventually cheaper).

The new effort is called Arrington XRP Capital, although it has no commercial relationship to Ripple. Its partners include Arrington, former TechCrunch CEO Heather Harde and a "well-known crypto guy" as a silent partner who will work on trading function. Around half of the $100 million target is already committed, according to Arrington.

In addition to buying cryptocurrencies, the fund will invest in initial coin offerings (primarily for new tokens issued on top of Ether) and perhaps a few more traditional VC deals for blockchain-based companies.

Arrington, who had led a VC firm called CrunchFund until stepping back last year to focus on his health, views crypto as the new Internet:

"People thought the Internet was a bubble in 1996, and it was. I don't know if crypto right now is a bubble but, even if it is, it doesn't matter because eventually it will be a multi-trillion dollar industry. That's the historical analogy argument for crypto hedge funds. The faith-based argument is that in the last eight or nine months I've gone from being a Bitcoin and Ether enthusiast to this is all I'm doing now and all I plan to do for the rest of my career."

Go deeper

Pelosi's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.

By the numbers: Haitian emigration

Expand chart
Data: CBP; Chart: Sara Wise/Axios

The number of Haitians crossing the U.S.-Mexico border had been rising even before their country's president was assassinated in July and the island was struck by an earthquake a month later.

Why it matters: A spike during the past few weeks — leaving thousands waiting in a makeshift camp under a bridge in Del Rio, Texas — has prompted a crackdown and deportations by the Biden administration.

Biden's communication headaches

President Biden stands with British Prime Minister Boris Johnson and French President Emmanuel Macron at the G7 summit in June. Photo: Patrick Semansky/Pool/AFP via Getty Images

Boris Johnson told reporters on his way to the U.N. General Assembly on Sunday night he didn't believe it was likely that the U.S. would agree to lift its ban on vaccinated foreign travelers this week. Hours later, the White House did exactly that.

Why it matters: For the second time in less than a week, a major U.S. foreign policy decision by the Biden administration appears to have caught one of its closest allies by surprise. And neither was the first time, either.