Recent developments appear to confirm that the Rothschild family have entered the cryptocurrency market, following earlier reports that they began purchasing the assets through the Bitcoin Investment Trust (GBTC) in 2017.
The Rothschild family are more well known for their close relations with banks and other financial institutions, rather than advocating for a decentralized currency system. It has been reported, however, that the family has been active in cryptocurrency trading for a sizeable period of time.
In the footsteps of Soros
This news follows George Soros’ apparent entry to the cryptocurrency market earlier this week. The Soros Fund Management enterprise was reported to have gained internal approval for the trading of virtual coins for asset management purposes. There are no known records of large trades taking place on behalf of Soros yet.
In January, Soros denounced cryptocurrencies as a ”bubble”, so his recent change in opinion came as a surprise to many. Following his negative labelling of digital currencies, Bitcoin was subject to a market devaluation of approximately 40%, leading some commentators to speculate if his comment was designed for this purpose.
It does raise questions that these high-profile individuals have chosen to enter the market at this point after the price crash, while no longer speaking in an openly negative way about Bitcoin.
These questions aside, the cryptocurrency market should benefit from an injection of new investment, and with financial moguls like Soros and the Rothschilds coming into play, this could create a momentum for more high-profile figures to join them.
It makes for an interesting development that might influence Bitcoin’s future, even if the impact has yet to be determined.