The names Soros and Rockefeller are about as big as they come in the investment world. And both, reportedly, are about to start investing in crypto.
According to Bloomberg, George Soros has just given his family business, worth a tidy US$26 billion, internal approval to trade in digital assets.
It does seem a rapid turnaround as it was only in January that Soros, speaking at the World Economic Forum in Davos, said Bitcoin cannot function as an actual currencies because of its volatility.
“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,” the 87-year-old said.
Soros made his name in 1992 for his drastic bets against the British pound, earning him the “The Man Who Broke the Bank of England” nickname. But in recent weeks he has been making headlines as the target of Hungarian Prime Minister Viktor Orban’s anti-immigration election campaign, which included a “Stop Soros” slogan targeted at the billionaire’s philanthropy aims to bolster liberal and open-border values in eastern Europe.
In terms of digital currencies, the Soros Fund Management has yet to invest, said Bloomberg, but this “approval granted” news will be well-received by the ever-jittery crypto investment communities, as will the Fortune article that said the Rockefeller family are also looking at cryptos.
Venrock, the Rockefeller family’s venture capital arm – that in the past has made astute investment calls on the likes of Intel and Apple – has just partnered with CoinFund, a Brooklyn-based crypto-currency investor group.
“We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects,” Venrock partner David Pakman told Fortune.
What investment dynasty will be next?