Https://peopleknowing.net Despite the collapse in cryptocurrency prices since the beginning of the year (bitcoin is down more than 60% and ethereum down more than 70% from their ATHs), more marquee investors have decided that now is the time to buy in.
Last week, we noted that George Soros had taken some time out from his battle of wills with Hungarian Prime Minister Viktor Orban to grant one of his underlings approval to begin trading in crypto. Adam Fisher – who oversees macro investing at New York-based Soros Fund Management – has reportedly received internal approval to trade virtual coins in the last few months, “though he has yet to make a wager.”
Soros’s involvement followed reports last year that the Rothschild family had waded into the space – first by purchasing bitcoin exposure via the Grayscale Bitcoin Trust. Their involvement is a sign that regulators around the world might be relaxing their stance toward crypto, as one prominent crypto entrepreneur and investors pointed out
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 *** When asked about Bitcoin’s (BTC) recent failure to strongly stay above $7,000, Venrock partner David Pakman told Fortune that the price of “a single currency over the next day, week, month, year” is not what they thought about when deciding to partner with a crypto investment group:
“We’re really patient long term investors […] we’re wondering what happens over the next five to ten years. Can we have fundamental change to a number of different markets because of a disturbed ledger, a token economy that all participants can take part in?”
According to an April 6 blog post by Pakman, cryptocurrency and Blockchain’s most important innovation is their creation of “the possibility of building sustainable decentralized computing platforms, services and apps”, writing:
“It may finally be possible to build widely-distributed networks without centralized trust or control, and to allow user consensus to govern their future […] In this scenario, ‘commodity’ applications like messaging, social media and application infrastructure like file storage and compute become very much like public utilities — and they are owned and governed by their participants. For many of us, this is the mission behind crypto.”
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