Although, or maybe because of, the cryptocurrency market is in a sort of bearish mood these days, the big boys are marching in. Over the last couple of days we learned that George SOROS and the ROCKEFELLER group plan to invest into the crypto-space.
Bloomberg and Fortune reported that the SOROS group gave green light to invest in cryptocurrencies and blockchains. Adam Fisher, head of macro investing for Soros Fund Management, received the approval, but he has yet to make any bets on cryptocurrencies, Bloomberg said, citing people familiar with the matter. The fund’s green light for cryptocurrency trading comes after the price of most cryptocurrencies have tumbled in 2018. On Sunday, April 8, 2018, the value of a Bitcoin was around US$7,000, down from its all-time high of $20,000 in late 2017.
Besides SOROS, Venrock, a venture capital firm created by John D. Rockefeller’s family is investing in cryptocurrencies. It is teaming up with the Brooklyn-based CoinFund, to help entrepreneurs build businesses based on blockchains, the hot distributed ledger technology that first came to prominence with the development of Bitcoin a decade ago.
Venrock is known for its abilities to find extremely successful start-ups and has an impressive list of clients. They were invested in Intel and Apple before they were household names. Venrock was also an early investro in Nest and the Dollar Shave Club are clients of Venrock, and they’ve grown into multi-billion dollar firms.
Hence, it was a good week for the crypto-space. We can be sure of that the big boys did their research and found crypto to be a promising space. This is an extremely bullish sign. Many venture capital firms will follow in Venrock’s footsteps, investing in crypto.