April 8, 2018

‘Crypto’s Benefit Is Fewer Gatekeepers’: Rockefeller Empire Gets Into Bitcoin

Wilma Woo · April 8, 2018 · 10:30 am

Venrock, the venture capital arm of the financial empire began by John D. Rockefeller, is placing a multi-million dollar bet on the bright future of cryptocurrency.

Venrock Eyes ‘Crypto Economies’ And ‘Crypto Token-Based Projects’

In exclusive comments to Fortune, David Pakman, one of the VC firm’s partners, confirmed it had partnered with CoinFund, a New York-based Blockchain technology research, advisory & investment firm active since 2015.

The move, subsequently confirmed by both parties on social media, marks the Rockefeller conglomerate’s first direct hook-up with the cryptocurrency industry, Pakman underscoring that Venrock was interested in long-term industry support, not merely shorting markets.

“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,” he told the publication April 6.

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 little bit more like venture capital.

We are excited to partner with @pakman and @Venrock for our work in #decentralization and #blockchain! https://t.co/xlxgdiRJ09

— CoinFund (@coinfund_io) April 6, 2018

Long-Term Plans Buoy Struggling Markets

bitcoin markets reacted keenly to the news, BTC/USD rising 3% above $7000 in 24 hours to break out of a continued downward trend.

While it remains unclear whether any specific cryptoassets will become a focus of the Venrock plans, major input of potentially giant investing power sets Rockefeller apart from the host of traditional finance giants that remain either cautious or in opposition to cryptocurrency.

While stating support for Blockchain technology as a concept, major players such as JPMorgan, Goldman Sachs and Berkshire Hathaway have become known for their lack of belief in the cryptocurrency’s future.

In February, the latter’s vice-president Charlie Munger described bitcoin as “totally assinine,” adding he was “disgusted” that anyone was investing in crypto markets at all.

“Gatekeepers tend to charge rent or toll on users,” Pakman continued to Fortune in a palpably contrasting tone. “The benefit of the advent of crypto is that we have fewer gatekeepers.”

What do you think about Venrock’s partnership with CoinFund? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter

CoinFundCryptocurrencyRockefellerVenrockVenture Capital Show comments

Published at Sun, 08 Apr 2018 14:30:55 +0000

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May 26, 2017

Bitcoin’s $500 Price Drop Sets Community Abuzz

bitcoin prices dropped yesterday from $2800 down to $2460, sparking concern and speculation across the cryptocurrency community.

The large drop in value has come alongside the largest bitcoin Bull run in the currencies history, it caused panicked posts on social media with one Reddit user posting;

“What the hell happened with the drop from 2800 to 2460?!!!!!” – TakinBackMyLove, a distressed Reddit user.

Many other new bitcoin users, drawn to cryptocurrency investment by the current upward cycle of the market, also voiced their concerns while bitcoin veterans remained calm, having seen this all before, and much worse.

Whatever happens, this is healthy guys. We need this. Only through this process can we achieve enlightenment and turn into SSJ $BTC

— Akado (@AkadoSang) May 25, 2017

Welcome to bitcoin

The drop follows three straight days of price increases for bitcoin as the price climbed from $2000 to $2800, which was an all-time high per coin. In financial markets, it is not uncommon to see corrections like this after relatively large gains over a short period of time, which really does bring a touch of sanity to a frenzied market. That the decrease was not more substantial, given what has overall been a very large rise, should give investors comfort.

Past Volatility

bitcoin has been historically famous for its massive volatility, with its price declining by several orders of magnitude in just the space of minutes. In August 2011 the price dropped by almost 50% from $13.50 down to just $7 in the period of 7 hours. However, the coin is also famous for its sudden gains too, as bitcoin prices began hitting $80 dollars.

Another example is the 2013 crash, often attributed to the downfall of the infamous Japanese based exchange, Mt. Gox, when the site went down it took many Investors coins with it. bitcoin took its time recovering, and cryptocurrency as a whole entered a bear market. bitcoin has made slow and steady gains since 2015, however, it is only since March that the gains have started to rise at a disproportionately increased rate.

It comes as no surprise, that in the wake of such massive gains, that bitcoin fever seems to have struck again.

Still Bullish

With daily candles mainly Green, all signs still point to the coin remaining Bullish and, at the current time of this writing, it has since started climbing back towards $2,550.

What do you think of bitcoin’s volatile history? Do you think prices will continue to climb or is it a bubble that is about to pop? Let us know in the comments below!

Images courtesy of BitcoinCharts, AdobeStock

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