The cryptocurrency industry has driven a lot of speculation in the last few years and has attracted a lot of institutional investors who have set the sight on cryptocurrencies. Many such investors from the traditional industries have begun seriously considering to invest and make it a portion of their investment portfolio. These even include people who had ridiculed bitcoin and called it a bubble.
One such investor is the $26 Billion hedge fund tycoon George Soros. According to Bloomberg, a member of his family office received internal approval to trade cryptocurrencies.
Soros had called bitcoin a bubble in the 2018 world economic forum held in Davos:
Statement by George Soros:
“Normally when you have a parabolic curve, eventually it has a very sharp break. But in this case, as long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad.”
George Soros, one of the world's most successful investors, has finally decided to begin trading cryptocurrency.
The smart money is coming. The institutions are coming. Buckle up.
— Pomp 🌪 (@APompliano) April 6, 2018
Similarly, the Rothschild family who is said to be one of the wealthiest families in the world who are known for their close relationships with banks and financial institutions are also actively trading for quite some time now.The first rumors began surfacing back in 2017 when Rothschild began purchasing cryptocurrency through GBTC according to newsbtc.
The next wealthy family who is investing in cryptocurrencies is the Rockefeller family (they got started investing in oil since the 1930’s and are said to be one of the wealthiest families in the US). They are investing through their venture capital Venrock (who invested early in companies like Intel and Apple). The venture fund has partnered with CoinFund (a cryptocurrency investor group).
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
Jake Brukhman, CoinFund co-founder, said that they are going to support the teams in the space, work closely with all the parties involved, and help performing all the possible activities between these two enterprises.
Although the market has been bearish for the past couple months and the interest in cryptocurrencies in the general public has reduced, these assets have been growing popular among the institutional investors. Even if these giant investors decide to invest a portion of their wealth, it will have a significant impact on the market. And will lead the people from these traditional markets to look at cryptocurrencies as much more than just a “tulip-like phenomenon” or a “bubble”.
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