EARLIER this week George Soros changed his tune on the topic of bitcoin and digital assets after calling them a bubble in January.
Now the 26-billion-dollar family is looking to trade in the very “bubble” he previously criticized. As of the writing of this article there have been no large trades made however this is likely to change very soon.
Rockefeller, Soros, and Rothschild money entering the cryptocurrency space….it sounds like regulations might be getting a bit more lax
— Charles Hoskinson (@IOHK_Charles) April 7, 2018
A few days after the George Soros firm indicated a move towards cryptocurrencies, the 3 Billion dollar Rockefeller family firm also followed suit.
The fund has been known to focus investments on science and technology sectors and holds investments in Apple, Intel, StaraCom and AppNexus to name a few.
David Pakman of Venrock when speaking to Fortune stated that:
“There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital. We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects.”
The same can be said about the Rothschild family as roomers surfaced in 2017 that they had begun purchasing through Bitcoin Investment Trust (GBTC). This is seen as a significant move for a family who have shared close ties with some of the largest banks and financial institutions one would expect them to avoid alternative financial assets set outside the traditional system.
The change of tone from these large institutional investors is a promising sign for cryptocurrency as a whole. It doesn’t come as a surprise that they would be seeking to diversify portfolios, especially given the beating the S&P 500 and DOWJ has had over the past couple of weeks.
Investing in a digital asset marketed as a store of value, set outside the traditional financial system could come as a welcome fire exit if markets continue to crack.
The timing could not be better as the downtrend in cryptocurrency markets slows and begins to break. Momentum is building and there are as always interesting times ahead.