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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."

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Updated 58 mins ago - World

Mexican President López Obrador tests positive for coronavirus

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Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

Sarah Huckabee Sanders to run for governor of Arkansas

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Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.