“When mass adoption comes” has been the mantra for bitcoin analysts, enthusiasts, and pundits for the past two years. When the insurance companies adopt, when the pension funds adopt, when the sovereign wealth funds adopt, that has been the hope for hodlers and is supposedly the key factor for bitcoin to break that coveted 100,000 price point. Now we are right in the destination. This is the perfect time for beginners to start copy trading crypto and Jet-Bot, the best crypto trading bot, provides the same thing. The APY ranges from 200 percent to 2,000 percent. Register for a free 3-day trial account and learn how to copy trade crypto. Take a look at how other traders are investing using Jet-Bot.
Two renowned funds have come forward and are taking the first steps to invest in cryptocurrency. The first fund ready to move into crypto is that of George Soros, the man who legendarily broke the bank of England. He was a skeptic of cryptocurrency but has now had a change of heart.
As reported by Bloomberg, Soros’s fund manager, Adam Fisher, received the nod to invest in cryptocurrency. Fisher fund management, which oversees the macro investments of Soros fund management and which moves 26 billion dollars from its headquarters in New York, has obtained internal permission to start trading with virtual currencies. Soros has had previous exposure to the crypto market, albeit indirectly. His fund acquired a large share of overstock.com at the end of 2017, thus becoming the third owner of the e-commerce company. This company became the first retailer to accept digital tokens as a means of payment in August of last year, and it also plans to launch a cryptocurrency stock market that can operate within the platform.
The second well-known fund ready to get into crypto is the Rockefeller Fund. In April, the Rockefellers entered into a cooperation agreement with the coin fund company that is dedicated to investments in cryptocurrencies. Then Rock, the family’s official venture capital arm, was the one who carried out the operation and whose partner David Pakman called it a “long-term investment”. To double down on their long-term investment view, Rockefeller international chairman Ruchir Sharma shared his belief that bitcoin will bounce back.
In an interview with Coindesk TV, Sharma explained that the excess needs to get weeded out and that we should have a long-term view. Let’s read Sharma’s speech as he gives his explanation:
‘Second, in terms of adoption for transactional values, I think that’s just a matter of time. So again, I keep going back to the Amazon analog, which is that, you know, every good idea of the 1999/2000 tech boom eventually made money and was widely used. It was just premature, so I think that we just have to have some patience here where this becomes more widely used because this over dependence on the US dollar is a real problem, which is that the world has never seen a situation like this where it is so dependent on one currency. The world has had reserve currencies before; uh, before the US dollar, it was the British pound, and before that, the French currency. Before that, the Spanish, Portuguese, and Dutch currencies were all, you know, for about 100 years or so, used as the main currencies around the world for transacting the main currencies that people would want to hold as a store of value.
But like I said, eventually there was always something else around the corner to take the place of that reserve currency after about 100 years or so that it had been spent at the top. In every instance, it began to look very overstretched. In every instance, there was an alternative waiting around the corner.
This time, the unusual problem is that we just don’t have an alternative. The Chinese economy has emerged as the second largest economy in the world. Its currency should naturally have emerged as a second tier currency to the U.S dollar and an alternative eventually, but China because of its unique rise, which is that it’s a very closed system, its leaders want to have maximum control over the system and no one really trusts putting the Chinese currency into circulation. That’s why China has just not been able to emerge as a financial superpower. China has emerged as an economic superpower and a military superpower, but not as a financial superpower, and that’s causing a real problem.
So, I think that the window of opportunity is open for alternatives to emerge for the likes of bitcoin to be used as an alternative. It’s already been used as a transaction currency in certain pockets. I had some ex-colleagues of mine visiting from Dubai, and they were telling me that, you know, they’re also for property transactions and stuff. Bitcoin is now being used a lot more, arguably possibly by the Russians. Still, it’s, you know, starting to be used. So I think that we need more legitimacy to come through, as we say, on a transaction basis, but I just think it’s going to be a matter of time.’
What do you think of these renowned funds adopting?
[This article is a transcription of a video made by Only The SAVVY]
Original video: https://youtu.be/9GVNrdsOjMM]