According to Bloomberg, George Soros, a well-known cryptocurrency bear, is ready to begin trading digital currency at his New York-based family firm. Soros, the founder of the $26 billion investment company, termed the brisk cryptocurrency market a “bubble” in January. (See also: Bitcoin Could Drop by a Third in 2018: Research.)
According to the story, Soros Fund Management investor Adam Fisher, who supervises macro investing at the business, has apparently gotten internal authority to make the shift in recent months but has not yet engaged in a virtual currency transaction.
The 87-year-old investor made news earlier this year when he claimed at the World Economic Forum that bitcoin is a “classic bubble” and “not a money.” Also at the Davos event, Soros urged for “tougher” rules on US tech giants and predicted the death of Facebook Inc. (FB) and Alphabet Inc. (GOOGL), which he sees as tech monopolies.
Digital Currency and Dictatorship
Bitcoin is now trading at $6,604.49 as of 4:38 PMUTC, down 67% from all-time highs above $20,000. Soros, unlike other bitcoin naysayers, did not make predictions about the massive sell-off in bitcoin that has afflicted the cryptocurrency sector in 2018.
“As long as dictatorships are on the increase, you will have a different conclusion,” Soros said on Jan. 25. “The rulers in such nations will resort to bitcoin to establish a nest egg overseas.” Since his comments, the digital currency has lost more than a third of its value as investors fear further government regulation throughout the globe, including a crackdown in South Korea, one of bitcoin’s most prosperous countries.
While this is Soros’ first prospective direct investment in cryptocurrencies, his family office has already been indirectly wagering on the volatile commodity via its fourth-quarter holding in Overstock.com Inc. (OSTK). As the investment business increased its stake in the online retailer-turned-cryptocurrency startup, it became the third-largest stakeholder in the discount e-commerce platform. Shares of the Salt Lake City-based business have dropped 43% year to date (YTD) after reports of an SEC probe into its proposed initial coin offering (ICO).The store, which was among the first to accept digital currency as payment, planned to open a cryptocurrency exchange where its own digital coins could be exchanged. (See also: Bitcoin Will Become the World’s ‘Single Currency,’ According to Dorsey.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns cryptocurrencies as of the day this post was published.
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