Kevin Warsh and Stan Druckenmiller Just Invested In a Cryptocurrency That's Designed to Be Boring
- Basis wants to create a coin with minimal volatility
- Stanley Druckenmiller, Kevin Warsh participate in token sale
Bitcoin: What’s Coming in the Year Ahead
This article is for subscribers only.
Digital currencies are risky, volatile investments, and that’s what speculators love about them. But a group of Silicon Valley venture capitalists and Wall Street fixtures are spending $133 million on a cryptocurrency that’s boring by design.
The concept is called Basis. The startup behind it wants to create an “algorithmic central bank,” inspired by economic principles that underpin fiat currency to adjust supply and minimize price swings. “We’ve designed this to be a cryptocurrency but without the volatility that we believe has prevented popular adoption to date,” said co-founder Nader Al-Naji.