When a child asks their mother for the latest high tech gadget the retort might be “Who do you think I am, Zuckerberg?” or maybe Musk, Gates and even Nakamoto. A few decades ago the expression many parents used was “Who do you think I am, Rockefeller?”
Today, the Rockefeller family is still considered to be one of the wealthiest in the world with assets in real estate and banking. Over a hundred years ago, John D. Rockefeller was the first person to have a personal fortune in excess of $1 billion. Most of his money was made from Standard Oil, the business he founded with Henry Flager in 1870. Standard Oil was considered by the United States Supreme Court to be an illegal monopoly, and they split it up into 34 smaller businesses in 1911. The break-up of Standard Oil by the Supreme Court ultimately made the Rockefeller family even richer as the smaller businesses were even more successful.
Venrock was formed in 1969 by the Rockefeller family as their venture capital business, and they added to their wealth by being one of the early investors in Apple Inc. Other notable Venrock investments have included Intel, 3 Com, and Mosaic. One of the Venrock partners, David Pakman, has confirmed they are now investing in cryptocurrencies. Venrock is to partner with CoinFund and Pakman tweeted: “We are thrilled to announce our partnership with @coinfund_io and to work together to build great, decentralized, cryptotoken-based products and services!”
This announcement comes just days after the news broke that billionaire investor George Soros was also prepared to invest in cryptocurrencies. Perhaps in recognition of concerns that Soros might short bitcoin, as he did with the British Pound and the Thai Baht, Venrock have declared they have a long-term interest in blockchain technology. In his interview with Fortune, he said that they are patient long-term investors and will be looking to see how the technology develops over the next 5 to 10 years. CoinFund took to their Medium channel to confirm details of the partnership adding, “Venrock has a rich history of helping entrepreneurs build great products and technologies, including early investments in legendary companies such as Intel, Apple, Dollar Shave Club, and Nest”.
Providing the super-rich families like Rockefeller and Soros are interested in the technology behind cryptocurrencies and plan to invest for the long term they will be welcomed by the crypto community as it will attract many others to the market. If they are just looking to make a quick buck they could inflict long-lasting damage by adding to an already volatile market.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.