Why is Matthew Mellon Considered a Cryptocurrency Icon?

by David Drake

Banking heir and cryptocurrency bigwig billionaire, Matthew Mellon, passed away on April 16th, in Mexico. The cryptocurrency landscape will never be the same again with his passing. When the industry was just starting and investors were hard to get, he invested $2 million in cryptocurrencies. That investment move encouraged other investors to follow suit, and brought him $1 billion in profits.

My family office continues to work with his family and bank. We deeply mourn his demise, and feel the impact in a big way. As we reflect the role that Mellon played in the cryptocurrency space, colleagues in the industry identify various contributions that he made to the industry. Here are 3 reasons why he will forever be an icon in the cryptocurrency market:

Crypto Mainstreaming

He says, “We received the news of Matthew Mellon’s passing with deep sadness. He was instrumental in bringing cryptocurrency to the mainstream with his own investment in cryptocurrencies such as Bitcoin in the early days to XRP, where he made almost a billion dollar profit from just USD2 million investment, in the later days.”

Industry Confidence

No investor moves to put a significant amount of money in a venture he does not believe in. At a time when the cryptomarket was still new and many investors were cautious about investing in cryptocurrencies, Mellon took a risk and invested $2 million. This was a clear demonstration of the potential he saw in cryptos and the confidence he had in the growth of the industry.

Entrepreneurial Ability

Mellon will certainly be remembered as one of the large investors to enter the cryptocurrency market. His $2 million investment in cryptocurrencies earned him a $1 billion fortune, a clear demonstration of his entrepreneurial ability.

Matt Mellon will be missed by the cryptocurrency community, and his contributions will always be a reminder of the role he played in making the cryptocurrency industry a vibrant space for all players.

Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.

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