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During a period of hyperinflation in 2013, “my Venezuelan mother asked me to send money to Caracas, the country’s capital,” Hervé Larren recalls. However, bank transfers were not possible between the two countries. 

Busy with work in New York, he told a friend that he planned to fly to Caracas — carrying cash for his mother — and return the same day. “Why don’t you just send Bitcoin?” his friend asked, which quickly led to a change of plans as Larren made his first Bitcoin transfer.

“My first crypto transaction, in 2013, was to wire Bitcoin from the U.S. to Venezuela. Due to the economic collapse, there was no functioning banking system between these two countries.”

Switching from a career with luxury goods company LVMH Moët Hennessy Louis Vuitton, Larren co-founded a large-scale crypto mining operation and worked with Grayscale to bring crypto assets to old-school investors. He later became a key adviser to ApeCoin and the first person to bid a million dollars for a nonfungible token.

From old to new

“We were reporting to Nicolas Sarkozy, and he was coming to our meetings,” Larren recalls of his time as the head of a high school student council in Neuilly-sur-Seine, the wealthiest old-money suburb of Paris, where he grew up. 

Sarkozy served as the local mayor for 20 years before becoming the president of France. Larren’s mother — from Venezuela — was a TV host and the first Latina model signed by the L’Oreal cosmetics brand. His French father imported wine to Canada,  where a third of the population is French-speaking.

In the late 90s, Larren began undergraduate business studies at Montreal’s Concordia University. In 2019, Concordia labeled him “The Blockchain Maven” as part of a “50 Under 50” alumni distinction. Upon graduation, he got a job at Moët Hennessy’s New York office, where he worked on brand development of the firm’s Hennessy cognac brand in the United States.

Larren worked on his MBA at Columbia University part time while at LVMH, graduating in 2010 and entering the venture capital world with Peak Ventures, which “was involved in tech companies including Twitter.” It was Larren’s first experience in the technology sector, which he describes as very different from the old-world, intergenerational luxury goods industry.

Larren quickly moved to accept Bitcoin at an e-commerce business he was involved with, a company that helped charities raise money by partnering with celebrities. In 2015, he formed crypto mining firm Global Crypto Ventures, which grew into an operation of nearly 3,000 machines composed primarily of Bitmain Antminer S9 miners in Las Vegas and Texas, where “the cost of infrastructure and electricity was cheaper.” 

Larren at his mining facility. (Hervé Larren)

Grayscale Digital Large Cap Fund 

While speaking at the 2017 World Technology Forum in New York, Larren met Digital Currency Group CEO Barry Silbert, who was talking right after him about the Grayscale Bitcoin Trust, through which retail investors could get exposure to Bitcoin through their brokerage. He was also working on a new investment vehicle called Grayscale Digital Large Cap Fund (GDLC), which represented a weighted portfolio of cryptocurrencies, including Ether, MATIC, ADA and SOL, in addition to Bitcoin. 

As a publicly traded investment instrument, it would require approval by the Securities and Exchange Commission. One relevant matter would be to ensure that the fund could buy its digital assets from a trusted source, preferably from within the United States. Larren’s mining firm was an ideal source, and having a ready buyer for mining proceeds made business smoother.

This opportunity represented Larren’s first foray into crypto beyond Bitcoin, and it “attracted me to a new space.”



Working with the SEC was no easy task, Larren recalls. “It was a nerve-racking process. Though the company was very confident about getting approval, there was a lot of uncertainty because no such investment trust had been approved previously.”

However, the GDLC was approved, expanding the potential pool of crypto investors. Though many in the industry continue to preach the “not your keys, not your coins” mantra, Larren argues that just as with stocks, owning Bitcoin and other crypto assets through a financial instrument instead of on an exchange or cold-storage device is preferable for most of the public.

There is less risk of being hacked or losing access to keys, and regulated funds must meet stringent security policies and often carry insurance. He also notes that they are easier to manage on a portfolio basis, particularly regarding taxation and being more straightforward for accountants to understand.

Will BlackRock’s Bitcoin ETF be approved?

These advantages make it easy to see why heavyweights of the financial industry see an opportunity in offering Bitcoin investment vehicles accessible to retail investors. One of these is BlackRock, which recently applied to launch a Bitcoin spot exchange-traded fund in the United States.

“BlackRock offers the credibility to convince the SEC that the Bitcoin market can be operated safely and has much to offer investors,” Larren says optimistically. He expects that with BlackRock’s track record of 575 approved ETFs versus one denial, it will soon come online, with similar products expected in other markets.

“I think it would lead to an automatic rise in Bitcoin’s price. I think many people are on the sidelines waiting for clarity, and that’s a step in Bitcoin’s institutional adoption.”

“For a very long time, Grayscale had a premium on its shares” compared with the price of Bitcoin, Larren notes, explaining that the security, certainty and convenience meant that more conservative investors were historically willing to pay more per BTC. BlackRock’s ETF is unlikely to hold a large premium, which would serve to make the market more efficient.

All roads in Decentraland lead to Beeple

Larren first heard about the metaverse through Decentraland’s initial coin offering in August 2017. “They were selling 90,000 pieces of NFT land in the metaverse,” he recalls, adding that he felt a proximity to the project’s Argentine founders due to South America’s shared currency issues. “My first NFT purchase was actually buying my name in the metaverse,” he says, recalling how he spent 100 MANA to name his avatar.

He was also given a piece of land on which to build the Airvey art gallery, where Larren placed various NFTs for sale. When Christie’s announced it would auction Beeple’s “Everydays” piece in its first-ever NFT auction in March 2021 — a story previously covered by Magazine — the auction house contacted the Airvey gallery to invite bids.

“I wanted to be the first person in the world who bid seven figures on an NFT.”

“Well that escalated quickly” was Beeple’s only comment when Larren’s bid for $1 million came through, representing the first volley in a bidding battle that would see an anonymous buyer later revealed as Vignesh Sundaresan, also known as Metakovan, beat Tron founder Justin Sun with a record-setting bid of $69 million.

Beeple posted his reaction to the $1 million bid on Instagram.

Bored Apes design ApeCoin

With a newfound passion for NFTs, Larren joined Horizen Labs in 2021, months before the firm began discussions with Yuga Labs, a small company where four founders were working on an NFT project involving monkeys.

Yuga contracted Horizen Labs to create ApeCoin, a large allocation of which was distributed to holders of Yuga’s NFT collections — including Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club — via massive airdrop. 

“We did everything from the white paper, tokenomics, to listing on exchanges. In less than 20 minutes, it became an $8 billion project,” Larren says, referring to the token’s undiluted market cap, now about $2 billion. In addition to the launch, Larren notes that Horizen Labs designed the token’s staking mechanism, which will see “100 million tokens distributed to the community over three years.

As Gucci and TAG Heuer began accepting ApeCoin as a form of payment, Larren’s luxury contacts came calling back.

“I spent a week with Chanel’s team at a castle in the English countryside, educating them on all aspects of Web3,” including MetaMask and NFT drops. Larren observes that as he moved from “the most successful physical goods company, LVMH, to the most successful digital goods company, Yuga Labs, the thought process was the same.”

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He describes metaverse real estate and PFPs, which include Yuga’s famous monkey pictures, as fitting into a broad category of “consumer NFTs” that are purchased by individuals in a way not dissimilar to luxury goods. Indeed, he notes that many of LVMH founder Bernard Arnault’s children — heirs of the world’s second-richest man — are actively dabbling in them.

Larren overlooking the Horizen Labs office floor in Milan. (Elias Ahonen)

“People want to feel that they are part of an exclusive community with like-minded individuals,” he explains, relating the concept sold in luxury boutiques and exclusive events the world over. In the case of Yuga’s NFTs, he argues that “there is value for many people in being members of a group that shares similar cultural references, whether it being digital or at concerts,” referring to events like ApeFest, the next of which will take place in Hong Kong in November.

Can an ape JPG really be a blue-chip NFT?

NFTs that gain mass appeal as recognizable status symbols are often labeled as “blue chip” among the NFT community, a nod to a term typically referring to reliable stocks and originally derived from poker, where blue chips are traditionally the most valuable. 

“It’s a brand-building element as recognition of industry and buyers. Supply is far less than demand, and there is a strong fan and collector base. In traditional art, Picasso and Jean-Michel Basquiat are blue chips,” he explains, noting that Bored Apes and CryptoPunks hold such a position within the PFP hierarchy.

“The price is a result of the value that has been created. When you go to a Louis Vuitton store, the price is nowhere to be seen.”

“Holding a BAYC can make sense because you can stake it to earn tokens, and it can act as a financial instrument because you can borrow against it,” he notes, naturally enough, considering his company designed the staking mechanism. 

Larren poses in Milan with images of NFTs, including a Bored Ape and an Otherside land plot. (Elias Ahonen)

“There are blue chips in other categories as well, such as metaverse land,” he adds, cautioning that its value, “like traditional real estate, will depend on the income generated with it.” 

This is because, in his opinion, people will not remain interested in vast spaces of empty metaverse land but rather in spaces that are built up and useful, like his art gallery. “Traditional real estate involves buildings — the same will be true of metaverse land.”

Where might we look for the next crop of blue chips?

“I’m now passionate about building on top of Bitcoin with BRC-20s and Ordinals,” Larren explains, hinting that something big is in the works. For him, the coming metaverse is a place and time “when your digital life is more important than your physical life and where digital image matters more than physical image.” In this new environment, he believes that the Bitcoin chain, with its newfound capability to host NFTs, will hold a key position as a central pillar.

“In Web3, you need to anticipate how consumer taste will evolve and what the market will want in the next six months.”

Elias Ahonen author at Cointelegraph Magazine

Elias Ahonen

Elias Ahonen is a Finnish-Canadian author based in Dubai who has worked around the world operating a small blockchain consultancy after buying his first Bitcoins in 2013. His book ‘Blockland’ (link below) tells the story of the industry. He holds an MA in International & Comparative Law whose thesis deals with NFT & metaverse regulation.

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Labour say there’s been a ‘massive increase’ in NHS appointments – this begs to differ

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Labour say there's been a 'massive increase' in NHS appointments - this begs to differ

“The target was never particularly ambitious,” says the Institute for Fiscal Studies (IFS) about Labour’s plan to add two million extra NHS appointments during their first year in power.

In February, Health Secretary Wes Streeting announced they had achieved the feat early. He recently described the now 3.6m additional appointments achieved in their first eight months as a “massive increase”.

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But new data, obtained by independent fact checking charity Full Fact and shared exclusively with Sky News, reveals this figure actually signalled a slowing down in new NHS activity.

There was an even larger rise of 4.2m extra appointments over the same period the year before, under Rishi Sunak’s government.

The data also reveals how unambitious the target was in the first place.

We now know two million extra appointments over the course of a year represents a rise of less than 3% of the almost 70 million carried out in the year to June 2024.

In the last year under Mr Sunak, the rise was 10% – and the year before that it was 8%.

Responding to the findings, Sarah Scobie, deputy director of independent health and social care think tank the Nuffield Trust, told Sky News the two million target was “very modest”.

She said delivering that number of appointments “won’t come close to bringing the treatment waiting list back to pre-pandemic levels, or to meeting longer-term NHS targets”.

The IFS said it was smaller than the annual growth in demand pressures forecast by the government.

What exactly did Labour promise?

The Labour election manifesto said: “As a first step, in England we will deliver an extra two million NHS operations, scans, and appointments every year; that is 40,000 more appointments every week.”

We asked the government many times exactly how it would measure the pledge, as did policy experts from places like the IFS and Full Fact. But it repeatedly failed to explain how it was defined.

Leo Benedictus, a journalist and fact-checker at Full Fact, told Sky News: “We didn’t know how they were defining these appointments.

“When they said that there would be more of them, we didn’t know what there would be more of.”

Leo Benedictus, journalist and fact checker at Full Fact, obtained the key data from the NHS after a Freedom of Information request
Image:
Leo Benedictus

Even once in government, initially Labour did not specify their definition of “operations, scans, and appointments”, or what the baseline “extra” was being measured against.

This prevented us and others from measuring progress every month when NHS stats were published. Did it include, for instance, mental health and A&E appointments? And when is the two million extra comparison dating from?

Target met, promise kept?

Suddenly, in February, the government announced the target had already been met – and ever since, progress on appointments has been a key boast of ministers and Labour MPs.

At this point, they did release some information: the definition of procedures that allowed them to claim what had been achieved. They said the target involved is elective – non-emergency – operations excluding maternity and mental health services; outpatient appointments and diagnostic tests.

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Why has Starmer axed NHS England?

However, we still did not have a comprehensive baseline to measure the two million increase against.

The government data instead relied on a snapshot: comparing the number of appointments carried out from July to November 2024 with the number from July to November 2023, and adjusted them for the number of working days in each period.

This did not tell us if the NHS had already been adding appointments under the Conservatives, and at what pace, and therefore whether this target was a big impressive ramping up of activity or, as it turns out, actually a slowing down.

Since then, a number of organisations, like Full Fact, have been fighting with the government to release the data.

Mr Benedictus said: “We asked them for that information. They didn’t publish it. We didn’t have it.

“The only way we could get hold of it was by submitting an FOI request, which they had to answer. And when that came back about a month later, it was fascinating.”

This finally gives us the comparative data allowing us to see what the baseline is against which the government’s “success” is being measured.

Full Fact passed the data to Sky News because it had seen our reporting about how the information published by the NHS in February was not sufficient to be able to assess whether things were getting better or worse.

What the government says now

We put our findings to the government.

A Department of Health and Social Care spokesperson said: “On entering office last July, the secretary of state [Wes Streeting] was advised that the fiscal black hole meant elective appointments would have to be cut by 20,000 every week.

“Instead, this government provided the extra investment and has already delivered 3.6 million additional appointments – more than the manifesto commitment the British public voted for – while also getting more patients seen within 18 weeks.

“In the nine months since this government took office, the waiting list has dropped by over 200,000 – more than five times as much as it had over the same period the previous year – and also fell for six consecutive months in a row.”

Health Secretary Wes Streeting leaves 10 Downing Street, London, following a Cabinet meeting. Picture date: Tuesday May 6, 2025. PA Photo. Photo credit should read: Aaron Chown/PA Wire
Image:
Health Secretary Wes Streeting. Pic: PA

We put this to Jeremy Hunt, Rishi Sunak’s chancellor during his last two years as prime minister, and health secretary for six years under David Cameron and Theresa May.

He said: “What these numbers seem to show is that the rate of appointments was going up by more in the last government than it is by this government. That’s really disappointing when you look at the crisis in the NHS.

“All the evidence is that if you want to increase the number of people being treated, you need more capacity in the system, and you need the doctors and nurses that are there to be working more productively.

“Instead what we’ve had from this government is the vast majority of the extra funding for the NHS has gone into pay rises, without asking for productivity in return.”

Jeremy Hunt told Sky News that "the vast majority of the extra funding for the NHS has gone into pay-rises, without asking for productivity in return"
Image:
Jeremy Hunt speaks to Sky’s Sam Coates

Edward Argar, shadow health secretary, accused the government of a “weak attempt […] to claim credit for something that was already happening”.

“We need to see real and meaningful reform that will genuinely move the dial for patients,” he added.

Is the NHS getting better or worse?

New polling carried out by YouGov on behalf of Sky News this week also reveals 39% of people think the NHS has got worse over the past year, compared with 12% who think it’s got better.

Six in 10 people say they do not trust Keir Starmer personally on the issue of the NHS, compared with three in 10 who say they do.

That is a better rating than some of his rivals, however. Just 21% of people say they trust Nigel Farage with the NHS, and only 16% trust Kemi Badenoch – compared with 64% and 60% who do not.

Ed Davey performs better, with 30% saying they trust him and 38% saying they do not.

Ms Scobie of the Nuffield Trust told Sky News “the government is right to make reducing long hospital treatment waits a key priority […] but much faster growth in activity is needed for the NHS to see a substantial improvement in waiting times for patients.”

The government is correct, however, to point out the waiting list having dropped by more than 200,000 since it’s been in office. This is the biggest decline between one July and the following February since current waiting list statistics were first published under Gordon Brown.

The percentage of people waiting less than 18 weeks for treatment is also falling for the first time, other than a brief period during the pandemic, for the first time in more than a decade.

There is still a long way to go, though. Figures released last week showed the total number of people waiting for NHS treatment in England had risen again in March, following six months of positive progress.

The latest figures show 6.25m people waiting for 7.42m treatments (some people are on the list for more than one issue). That means more than one in 10 people in England are currently waiting for NHS treatment.

There continues to be a fall in the number who have been waiting longer than a year. It’s now 180,242, down from almost 400,000 in August 2023 and over 300,000 in June 2024, the Conservatives’ last month in power.

But that number is still incredibly high by historical standards. It remains over 100 times higher than it was before the pandemic.

The government has a separate pledge that no more than 8% of patients will wait longer than 18 weeks for treatment, by the time of the next election. Despite improvements in recent months, currently more than 40% wait longer than this.


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Starmer’s winter fuel cut U-turn claim ‘not credible’

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Starmer's winter fuel cut U-turn claim 'not credible'

Sir Keir Starmer’s claim he is U-turning on cutting winter fuel payments for pensioners because he now has the money is not “credible”, Harriet Harman has said.

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The Labour peer, speaking to Sky News political editor Beth Rigby on the Electoral Dysfunction podcast, said the prime minister made the move as it was so unpopular with voters.

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She also said Labour’s poor results at the local elections and the Runcorn and Helsby by-election were the “straw that broke the camel’s back”.

Sir Keir said on Wednesday he would ease the cut to the winter fuel payment, which has been removed from more than 10 million pensioners this winter after it became means-tested.

He and his ministers had insisted they would stick to their guns on the policy, even just hours before Sir Keir revealed his change of heart at PMQs

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Winter fuel payment cuts to be reversed

Baroness Harman said: “It’s always been contested and always been unpopular.

“But the final straw that broke the camel’s back was the elections. The council elections and the Runcorn by-election, where the voters were saying, ‘this is not the change we voted for’.

“At the end of the day, you cannot just keep flying in the face of what voters – particularly if they’re people who previously voted for you – wanted.”

Baroness Harman is unconvinced by Sir Keir’s claim he can U-turn because there is more money due to good economic management by the government.

“I don’t think that’s credible as an argument,” she said.

“It really is the fact that voters just said ‘this is not the change we voted for, we’re not going to have this’.”

The challenge for the government now, she said, is deciding who will get the allowance moving forward, when they’ll get it, and when it will all be announced.

Read more:
Ex-PM suggests who should miss out on winter fuel payments

What are the options for winter fuel payments?

  • The Institute for Fiscal Studies has looked into the government’s options after Sir Keir Starmer said he is considering changes to the cut to winter fuel payment (WFP).
  • The government could make a complete U-turn on removing the payment from pensioners not claiming pension credit so they all receive it again.
  • There could be a higher eligibility threshold. Households not claiming pension credit could apply directly for the winter fuel payment, reporting their income and other circumstances.
  • Or, all pensioner households could claim it but those above a certain income level could do a self-assessment tax return to pay some of it back as a higher income tax charge. This could be like child benefit, where the repayment is based on the higher income member of the household.
  • Instead of reducing pension credit by £1 for every £1 of income, it could be withdrawn more slowly to entitle more households to it, and therefore WFP.
  • At the moment, WFP is paid to households but if it was paid to individuals the government could means-test each pensioner, rather than their household. This could be based on an individual’s income, which the government already records for tax purposes. Individuals who have a low income could get the payment, even if their spouse is high income. This would mean low income couples getting twice as much, whereas each eligible house currently gets the same.
  • Instead of just those receiving pension credit getting WFP, the government could extend it to pensioners who claim means-tested welfare for housing or council tax support. A total of 430,000 renting households would be eligible at a cost of about £100m a year.
  • Pensioners not on pension credit but receiving disability credits could get WFP, extending eligibility to 1.8m households in England and Scotland at a cost of about £500m a year.
  • Pensioners living in a band A-C property could be automatically entitled to WFP, affected just over half (6.3m).

Chancellor Rachel Reeves has committed to just one major fiscal event a year, meaning just one annual budget in the autumn.

Autumn budgets normally take place in October, with the last one at the end of the month.

If this year’s budget is around the same date, it will leave little time for the extra winter fuel payments to be made, as they are paid between November and December.

Business Secretary Jonathan Reynolds told the Electoral Dysfunction podcast the economy will have to be “strong enough” for the government to U-turn on winter fuel payment cuts.

He also said the public would have to wait for the budget for any announcement.

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Reeves vs Starmer: Inside the ‘rift’ in Downing Street

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Reeves vs Starmer: Inside the 'rift' in Downing Street

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Are Keir Starmer and Rachel Reeves falling out over winter fuel payments? Beth tells us what she’s been hearing in Westminster about a rift between the pair and although it’s denied by Number 11, she’s heard there’s “palpable tension” between the principal players over the change in policy.

Also, with a vote on welfare reforms coming up next month, Beth, Harriet Harman and Ruth Davidson discuss how it will play out with Labour MPs and whether the government is losing its grip despite having such a big majority.

Plus, Beth speaks to Business Secretary Jonathan Reynolds about the winter fuel U-turn and whether the government can get a better deal with Donald Trump.

Remember you can also watch us on YouTube!

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