Welcome to the Party: George Soros and Venrock Plan to Invest in Cryptocurrencies
Influential investing experts and banking executives have had much to say about the boom of cryptocurrencies, and much of it has been negative. George Soros, one of the world's top investors, had this sentiment regarding cryptocurrency this January at the World Economic Forum in Davos, Switzerland: "Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding." He had this further to say about Bitcoin:
However, it seems with time, tests in resiliency and greater adoption, Soros' has changed his tune. Even in August 2017 (before Soros' "bubble" comments), Soros' firm became the 3rd-largest shareholder in online retail giant Overstock.com. The significance here is that Overstock.com was one of the first major retailers to accept Bitcoin as payment. Recently, Soros Fund Management's macro-investing overseer, Adam Fisher, was given the green light to begin investing in cryptocurrencies, though according to insiders, no wagers into the market have yet been made, and a company spokesperson has declined to comment on the matter.
On a more matter-of-fact note, Venrock, the venture capital subsidiary of the Rockefeller family, has just partnered with CoinFund, a cryptocurrency investment group. Venrock partner, David Pakman had this to say about the partnership:
Venrock and and CoinFund are already connected via their mutual investment in a live streaming app builder, YouNow. This new undertaking between the two companies aim to utilize blockchain technology, as Pakman wrote in a blog post on April 6, that the blockchain's mot important innovation is, "the possibility of building sustainable decentralized computing platforms, services and app." Pakman continues by stating:
The three year old CoinFund has already backed some important blockchain projects, such as: CoinList (based on AngelList, which helps companies handle ICO's), Kik, a chat app maker, and their previously mentioned mutual investment, YouNow. CoinFund's cofounder, Jake Brukhman, told Fortune.com that he was excited to reinforce New York's cryptocurrency scene, calling it an old-meets-new partnership. He had this to say regarding the integration of the two companies:
Both Pakman and Brukhman believe that blockchain technology will allow for them to help remove the middleman from the equation. Pakman states: