Soros and Rockefeller Wall St Firms Will Start Investing In Cryptocurrency As Bitcoin ETFs Loom

George Soros and the Rockefeller family have started investing into cryptocurrencies, News Bitcoin reported. 

The $3 Billion dollar venture capital firm, Venrock (a compound of  “venture” and “Rockefeller”), is looking towards the highly volatile  cryptocurrency markets partnering with Coinfund an investor group geared  towards cryptocurrency. 

Infamously an investment vehicle of the Rockefeller family, the focus of  Venrock since its inception has always been technology and science. Now  the firm is turning towards cryptocurrency and financial tech investing  into the future. Founded in 1969, the grandson of John D. Rockefeller  brought his siblings together to form the company. 

 “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,” David Pakman of Venrock told Fortune.  Pakman spoke of Venrock’s announced partnership with Coinfund. “We  wanted to partner with this team that has been making  investments,”Pakman continued, “and actually helping to architect a  number of different crypto economies and crypto token-based projects.” 

Pakman insisted Venrock is in crypto for the long term, seeing the  surrounding tech as transformative for the future. “Gatekeepers tend to  charge rent or toll on users. The benefit of the advent of crypto is  that we have fewer gatekeepers. Venture capital itself is effectively a  gatekeeper industry and I’d actually like to see that undone. I don’t  believe that a small group of people should make the decisions about  which projects can raise some money and get off the ground,” Pakman  told, Balancing the Ledger. 

This comes less than a week after it was announced that tycoon George  Soros’ U.S. investment fund Soros Fund Management, which operates about  $26 bln in assets, will reportedly be investing in cryptocurrencies,  despite the fact that Soros has previously claimed crypto is a “bubble”,  Bloomberg reported. 

Also launched in 1969, Soros Fund Management made its name decades  later in 1992 for its drastic bets against  the British pound, which  made Soros “The Man Who Broke the Bank of England.” 

In a speech at the World Economic Forum in Davos on Jan. 25, Soros argued  that cryptocurrencies like Bitcoin (BTC) cannot be considered currency  due to their volatility and that their value is speculative: 

“Bitcoin is not a currency because a currency is supposed to be a stable  store of value and the currency that can fluctuate 25% in a day can’t  be used for instance to pay wages because wages drop by 25% in a day.  It’s a speculation. Based on a misunderstanding.” 

This seems to be an instance of “if you can’t beat them join them.”It  will be very interesting to see who else starts investing into the  cryptomarkets in the coming months. Especially since talk of Bitcoin  ETFs are coming back up in the news with the SEC considering changing laws to accept Bitcoin ETFs. While the SEC has reviewed two new applications for Bitcoin ETFs. 

Meanwhile, Cboe Global Markets, the first to launch bitcoin futures, has encouraged the Securities and Exchange Commission (SEC) to allow cryptocurrency exchange-traded funds. 

Bitcoin is currently trading at [FIAT: $6,749.95] according to Coin Market Cap at the time of this report. 

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