Leading cryptocurrency bitcoin has had a difficult month, with its value falling more than $3,000 between mid-March and early April.

With the bitcoin price currently sitting at around $7,100, the virtual coin has lost 63% of its value since peaking at $19,300 in December 2017.

However, while the instability of bitcoin may put some off, two of the financial world’s leading investors have seen it as an opportunity to capitalise on the craze.

Speaking at the World Economic Forum earlier this year, billionaire hedge fund manager George Soros told crowds:
Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding.

Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day.

It’s a speculation, based on a misunderstanding.
However, according to Bloomberg, Soros has changed his tune.

Adam Fisher, the head of macro investing at Soros Fund Management, has been given approval to start trading virtual coins through the $26 billion firm.

Soros movement into cryptocurrency has had a knock-on effect. Following the report, the Rockefeller Foundation announced that it would be partnering with cryptocurrency investment fund Coinfund.

Venrock, the Rockefeller Foundation’s venture capital arm, will partner with Coinfund to help build and develop new blockchain projects.