With news of George Soros suddenly greenlighting investments in cryptocurrency, it appears that those who once turned their backs on bitcoin or refused to recognize its legitimacy are having a change of heart. Now, the legendary Rockefeller family is looking to get in on the action.
A New Member of the Crypto Family
Last week, George Soros made history when his company Soros Fund Management received approval to begin trading cryptocurrencies within the next few months. Soros has previously rejected bitcoin, calling it mere “speculation” and refusing to acknowledge its financial appeal and influence.
His change in ideology surrounding bitcoin and cryptocurrencies seems to have started a trend. The legendary Rockefeller family – specifically Venrock, the venture capital division of the Rockefeller Foundation – is now getting involved in the crypto arena by partnering with Brooklyn-based crypto investment firm CoinFund.
Company partner David Pakman explained:
“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.”
A Quick History Lesson
John D. Rockefeller was an American oil magnate that by the year of his death in 1937, had amassed a fortune “equal to about 1.5 percent of the GDP” of the U.S. Considering the time, that’s a lot of money for one person. The Rockefeller Foundation was founded 105 years ago in 1913, and has invested nearly $3 billion in almost 450 companies. The company’s primary goal has been “promoting the well-being of humanity throughout the world.”
Venrock was founded over 70 years ago by Laurance S. Rockefeller, one of John’s children. The company has invested in multiple startups, many of which have gone on to become Fortune 500 companies, like Intel and Apple.
The Primary Goals
Pakman explained the initial attraction to cryptocurrency and a potential deal with CoinFund:
“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 bit more like venture capital.”
He further stated that one of the major benefits of cryptocurrency and blockchain technology is the power to disempower middlemen, and thus provide more financial freedom to both businesses and individuals alike.
“Gatekeepers tend to charge rent or toll on users,” he mentioned. “The benefit of the advent of crypto is that we have fewer gatekeepers … Venture capital itself is effectively a gatekeeper industry, and I’d like to actually 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.”
Are we bound to see other big-time financial players get involved in crypto? Post your comments below.
Images via Pixabay, CoinFund