Media sources including Zerohedge and CoinTelegraph are reporting that the Rockefellers are the next family office to dip their toes into crypto investing. While I think this is overwhelming positive for the space, I would not jump to the conclusion that is the “big money” we’ve been waiting for to push bitcoin to new all time highs this year.
The language used by these releases are telling. For the Rockefellers, the family office’s “venture capital fund has partnered with CoinFund to invest in ‘cryptocurrency and Blockchain business innovation’.” The venture capital fund is key, indicating it’s not necessarily bitcoin and altcoins they may not be putting majority of their money directly into.
For Soros, the key word used was “trading” over investing, meaning he could be making bets for or against bitcoin and altcoins in the near and long term, capitalizing on the growing market and liquidity in crypto trading. More over, having more “smart money” in both short and long position could temper the magnitude of bitcoin’s future appreciation in a short period of time. To date, bitcoin has benefited from a one way bet of mostly buyers to help it “moon” to new highs.
It’s important to understand how all market participants, the “smart money”, can play in the crypto space, which is not necessarily just buy buy buy. Just my two cents reading between the lines.
It's not really a surprise the richest people in the world are deciding that they want in on the billions that are being thrown around in the crypto market.
If they thought there was money to be made in 3rd world petrified camel dung , they'd set up offices in the middle of the Sahara.
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thanx for sharing!
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