Big investors in crypto: George Soros, one of the most successful investors and traders in the history of finance, has approved his team to start operations in crypto-currency to further expand his investment fund.
This decision is somewhat surprising, especially since Soros had previously demonstrated a completely “anti-crypto” stance. Until recently, his statements to the media included a warning to the general public that the crypto market has all the characteristics of a bubble. After this, BTC left a relatively stable position it had held for a few days and resumed a deep bearish trend.
Soros’ statements he made at the World Economic Forum in Davos in January, pointed to the possibility that the cryptocurrencies would not behave exactly like a bubble when bursting but were still characteristically very similar:
“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…But it’s nevertheless a bubble typical which is always based on a misunderstanding like the tulip mania.”
However, it seems that Mr. Soros has recently abandoned his views on the market. Perhaps he decided to take advantage of the bearish trend he might have contributed to and bought cheap cryptos? Only a few months after these statements, Soros is back in the news again thanks to a Bloomberg report which revealed that Adam Fisher, head of the Macro investing section at New York-based Soros Fund Management, had obtained approval to trade virtual currencies in the coming months. No further details have been given, and spokesmen of the firm have refused to comment on this.
The Rockefellers Believe in Long-Term Blockchain Investments
In an interview for “Balancing the Ledger”, David Pakman, a partner at the Rockefeller’s Venture Capital Firm Venrock, gave some interesting statements regarding the firm’s vision of Blockchain technologies. He was quite supportive towards the adoption of decentralization as the way to go:
“I think there are bad actors in the space and so as [for] a platform like Google or an email platform like MailChimp, you want to keep your platform clean and get the bad actors off of it. Sometimes that takes some work [but] it’s just a little bit too convenient for my taste to see a platform ban an entire ecosystem or entire market segment just because they’re having or don’t want to spend the time figuring out who the bad actors are. We’re talking about highly centralized platforms who in theory have the most to lose from the advent of decentralized technologies and platforms (…) so it kind of underlines the point of why alternative structures for platforms are needed because under whim a single platform can ban an entire market.”
Later on, he announced that Venrock is partnering with Coinfund. A team responsible for big successful projects such as Coinlist. According to his statements, Coinfund’s vision resembles the long-term goals that Venrock has had for decades, and they hope to help build the infrastructure needed to enable more developments focused on the blockchain.
“we’ve been spending a lot of time in the crypto ecosystem (…) and wanted to partner with this team that has been making investments and actually helping architect a number of different crypto economies and crypto token-based projects that’s called coin fund, and we’ve made a strategic partnership with them.
There are a lot of crypto traders in the market; there are a lot of cryptocurrency hedge funds… This is different, and in fact, to us it looks a little bit more like venture capital because these guys are a team of well-respected crypto enthusiasts who have really helped architect a number of different projects over time and their long-term focus, I think aligns them a little bit more with venture capital.
Venture capitals often called patient capital because we’re early stage investor [and] it usually takes eight to ten years for companies we invest in to hit maturation or exit, and that’s a lot different than some of the activity we’ve seen around.”
Other Big Investors In Crypto
Other big investors in crypto are emerging. Demonstrating that in addition to being a lucrative activity, the possibility of growth and reversal of the global trend is very likely – John Burbank and Alan Howard are the best examples.
Bitcoin’s behavior has remained fluctuating, with a dangerous long-term bearish trend in candles, however, after Soros’ decision was announced, a certain level of confidence reached the markets which saw a slight recovery in the short term candles. It is not known what Soros’ investment strategy will be, however, it is worth following his steps to determine the best actions to take when starting out in the world of trading.
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