Soros is Ready to Add Cryptocurrencies to Investment Portfolio

Soros Fund Management, which manages the investments of legendary ‎investor George Soros and his family, is reportedly setting an eye on cryptocurrency investment ‎space.

People familiar with Soros’ fund told Bloomberg that ‎Adam Fisher, the head of macro investing, received internal approval to ‎trade cryptocurrencies in the last few months, but has not made any actual bets yet.

It’s important to note that the billionaire investor is no longer involved in the day-to-day operations of his family fund, so he may not be responsible for the ‎rumored decision to invest in the virtual asset class.‎

The move also contrasts with the ‎skepticism that Soros himself revealed against bitcoin back in January. In a speech at the World ‎Economic Forum in Davos, the legendary investor said: “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,” he added.‎

While clearer revelations on Soros Fund Management’s involvement in ‎cryptocurrencies have come out now, the interest in the space ‎isn’t new. The New York-based fund, which manages about $30 ‎billion, has bought last year a large amount of stock in Overstock, the online retailer that attracted attention since detailing plans to launch a digital-token exchange.

Soros won a place in finance history by heavily betting ‎that sterling would fall and was dubbed the man who ‎‎“broke” the Bank of England in 1992 when he bet against ‎the pound and made a reported $1 billion.‎

Soros’s fund wasn’t the only investor who seems to have ‎interest in cryptocurrencies. Other high-profile investors have taken the same approach position, including former macro fund ‎manager Mike Novogratz and billionaire investors Mark Cuban and Peter Thiel.‎ However, the optimism by mainstream institutions and professional investors has not stopped the ‎cryptocurrency market from plummeting over the last three months. ‎

Source: Finance Magnates

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