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Bay Street investor Som Seif has lost money in cryptocurrency, but not faith

When Som Seif explains why he’s still bullish on cryptocurrency, despite a recent two-year bear market for digital currencies like Bitcoin and Ether, he is quick to invoke Jeff Bezos. 

“I’m sure there were times where Bezos thought he wasn’t going to make it, you know? I’m also sure there are many people out there who regret not buying Amazon stock in the early 2000s,” Seif told The Logic. “But this is not an idea that was cool in the moment and is stupid long term. Blockchain is not going away.” 

Seif is the founder and CEO of Purpose Investments, a well-known Bay Street investment firm that manages more than $9 billion. His side project, however, is Ether Capital, a company he co-founded along with Ben Roberts, an early adopter of cryptocurrency and the co-founder of another Ethereum company, Citizen Hex. 

Digital currencies have rallied in recent weeks, reaching highs not seen since early 2018, driven mainly by investors seeking refuge in a non-fiat asset class during times of turbulence, coupled with growing signs of institutional acceptance. But while Seif’s optimism about Ethereum—a blockchain-based technology that is the pillar of the decentralized-internet movement—has never wavered, Ether Capital, with holdings mostly composed of ether, has been bleeding money for the past two and a half years.

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