Questions and answers: The co -founder of CMS Holdings says that he carefully gets into the markets

Questions and answers: The co -founder of CMS Holdings says that he carefully gets into the markets

Dan Matuszewski, director of the crypto investment fund CMS Holdings, is a fixture among experienced dealers of digital assets.

Only a few in the crypto industry handed up as much capital as Matuszewski; He led the over-the-counter trading desk from Circle, one of the largest in the industry for more than two years. In 2018, the DESK handled a crypto trade volume of more than $ 24 billion.

Matuszewski founded CMS Holdings in 2019 and has since developed into one of the most productive funds in the industry after making 84 investments in various crypto startups via its venture arm.

He is also a board member of the GMI PAC-an indication of the frequently used crypto expression "Gonna Make IT"-in addition to Anthony Scaramucci from Skybridge Capital and a series of crypto bon aus. The Super-PAC has promised shoot. Es seems to work.

But leading a fund through the latest turbulence was undoubtedly a challenge. In a number of phone calls last month, Blockworks met with Matuszewski to find out how CMS Holdings ...

block works: How do you think about the current crypto mood? How is CMS?

Matuszewski: I would say that the mood got worse, and then the mood got better. It seems to be calm now, I say that. Things seem to be calm here. We live and we are here to promote the game, which is the most important thing. We just don't run that hot.

block works: Do you believe that the worst chaos gave its way through the markets?

Matuszewski: Yes, I do. I think the collateral that had to be sold were sold. The forced licks are through the system, now you only deal with the hangover. I don't think there is a ton of risk that now has to go out of the door.

Obviously all wounds lick and try to close holes in their balance sheets, but I think that the majority of the forced sales are now being carried out over the market. I think it's been a while, so we're doing a Baseline right? People are still afraid to use new capital, but there is a lack of forced sellers on the market.

block works: Is the portfolio of the CMS Holdings aligned in the long term or are it continuously looked after?

CMS: It is a mixture. Some of our positions are obviously much longer -term positions and many of them do not touch for tax reasons. I think we are probably structured like 40/60 between the liquids and the illiquid venture side that we do not want to touch.

You have to be aware; If you want to act, you have to be aware that you not only have to beat the market, but also the tax burden that you impose yourself. If you live in a high-service area, you will see a haircut of 50 % for a short-term cap gain position. Suppose you sell a position after it has risen by 50 % and then want to buy back. You would effectively have the same position; Really everything you did was to change the cost base of your taxes.

block works: Is CMS banking a bunch of dry powder that needs to be unleashed? Or does it occur carefully?

Matuszewski: carefully get in is the better way to express it. You have many assets that have reached real lows. Solana is a good example. Avalanche is different.

Many of the old coins have reached the sole of the valley in particular because they were not stored as often as security. What they have is a situation in which Bitcoin and Ether were probably the worst of forced sales, because they were most frequently stored as collateral among various lenders, but many of the old coins really not, mainly because they were not taken as a deposit. They reached the sole of the valley much earlier - if it is the sole of the valley, who knows - but they have been a little more stable in the past few months than the majors.

block works: You have said in the past that the concerns of many Tether critics are unfounded. What do you think that his reserves will flow in US state bonds?

Matuszewski: tether has always been the big one and USDC has always been very, very conservative. Tether becomes more conservative. I think many of them basically only show the middle finger and say: "Okay, good. Your beef is really one of our corporate trasury stocks. We will move the whole thing to Treasuries. What is your beef now?"

so I think Tether is too conservative, mainly because they have boys on their backs, but I think they will shake them.

block works: What do you think of the theory that Tradfi (traditional finances) tries to enter cryptocurrency because the ratings are low?

Matuszewski: I think this is a mem. Tradfi cleans your watch and everything else you own. Crypto is the type of things you buy when the rest of your portfolio is like flying. It's not that you think: "Oh my god, my technology stocks have dropped by 40 %. I will buy some crypto because it is depressed."

Blockwerke: Is the recent increase in mergers and takeovers (M&A) positive for the industry in the entire industry? Wouldn't it be more centralized?

Matuszewski: It is very advantageous. Actually, there should have been more M&A activities in the crypto area in the past two years. The problem was that everyone went so well that there was no impetus to implement it. I think it will accelerate through this year.

I think Binance, FTX, Coinbase and Kraken will all over many different components in the industry that would probably have been adopted years ago. There are too many centralized services that offer the same. I find consolidation healthy. The centralization of these platforms is actually not a problem because they are already centralized. I don't think a lot changes.

block works: expect us to stand at the beginning of a long Baisse?

Matuszewski: I don't know enough about how macros work, but I think in the end when the cycle turns, Krypto will be the fastest horse again. It is the place where you want to be when things get better and you will get better. It is not the end of shares for our whole life, isn't it? It's just a while and then it gets better. I know that you definitely want to be in crypto when the time comes.

Blockwerke: Do you have advice for cryptocurrency traders on how you can be successful in the markets for digital assets?

Matuszewski: You have to survive and you have to stay here. The possibilities will offer and you will make sense at the time, but the most important thing is that you really only have to make it through the other side. You have to survive.

This interview was composed of two telephone interviews, whereby the answers were processed for reasons of clarity and brevity.

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The Post Q & A: CMS Holdings Co-Founder Says He’s Carefully Entering Markets is not a financial advice.