Rafe Furst is a known serial entrepreneur, and also a professional poker player with a winning bracelet from the World Series of Poker. He’s one of the founding members of the Full Tilt Poker, a once successful online poker website that’s now defunct due to the CEO's fraud. Since then, Rafe Furst has been making investments in start-up companies. Now, he’s risking huge amounts of capital on what he claims to be the game-changer in the near future - the cryptocurrency market.
A multi-trillion dollar market?
The real power of cryptocurrency - like Bitcoin - is in its distributed networks. It's almost opposite to what the central banks are doing right now, which is to centralize the control and processing of money.
Cryptos aren’t subjected to burdens of central bureaucracies and operational inefficiencies, which means their value can rapidly rise when placed in the right markets.
Furst is also applying one of the most important lessons from his poker and VC days - the more bets you place that come with a winning edge, the higher your chances of scoring a jackpot. That's what Furst is doing with his new venture company, which he formally named as The Crypto Company.
As of the moment, investing, cashing in, and cashing out of cryptos are tedious processes. They require numerous bank transfers from multiple online parties and exchanges. Plus, there are a lot of verification processes to go through.
The Crypto Company is basically trying to make things easier for everyone. If you want to start investing in multiple cryptos, you can now skip a lot of hassles. The Crypto Company holds a basket of cryptocurrencies which you can easily put money on and pull money out. It also offers consulting services for other firms that are interested in operating a similar business model.
Furst believes the cryptocurrency market has a potential to become a trillion-dollar market in the next 5 years. In addition, he believes that sooner or later institutions and governments will jump on board of the cryptocurrency bandwagon.
The crypto market has grown 6 times during the first half of 2017. It's now sitting at over $100 billion. That kind of money may be big for most people, but in reality, it’s just spare change when compared to the money being transferred in gold, derivatives, and other commodities on a daily basis.
Furst may have been forced to fold his hand with Full Tilt, but he's back and stronger than ever before.
According to the former player, poker may be entertaining, but it's a zero sum game. Meaning that for someone to win, someone has to lose. On the other hand, entrepreneurs create a world of shared value: it's a win-win game!
Furst also added that cryptos are like the Silicon Valley back in the 1990's. Cryptos are the future!