George Soros invests in cryptocurrencies
Veteran billionaire George Soros may be showing interest in cryptocurrency trading. If the rumors are confirmed, then such a step will be a 180-degree turn for the tycoon, who in the past spoke derogatory of Bitcoin, calling it a bubble and a tool of dictators.
The golden years of George Soros, now 87, could be a thing of the past, but the financial tycoon retains a great business sense. Traditional large investors, such as George Soros and Warren Buffet, have always been skeptical of cryptocurrency assets, because they are better versed in investments than in technology.
Fortunately, a deep understanding of blockchain technology is not required to work on cryptocurrency markets: the ability to assess risks and potential profits is sufficient. Bloomberg reports that George Soros is pondering the opportunity to enter the cryptocurrency scene.
The billionaire investment company Soros Fund Management owns $ 26 billion in various assets. Rumor has it that part of these funds it was decided to invest cryptocurrency operations. Bloomberg claims that Soros Fund Management investor Adam Fisher has received the go-ahead for trading digital currencies. If this is true, then for Soros it makes sense to enter the market now that the sector has cooled down: in comparison with the December peak, prices fell three times.
The latest history of Bitcoin is full of episodes when public figures put an end to cryptocurrencies and then backtracked. We see that Jamie Dimon significantly softened his position regarding bitcoin. Apparently, George Soros could also discern the potential in cryptocurrency.
More recently, in January, Soros noticed:
Now Bitcoin mainly serves as a means of tax evasion and a way for dictators to create stash of money abroad for a rainy day.
Even if Soros still adheres to this point of view, this does not exclude for him the opportunity to invest in cryptocurrencies for personal purposes, that is, for profit.
Since the last time Soros commented on cryptocurrencies, markets have fallen by 41%. If Soros' entry into the market is confirmed, this event is unlikely to become a significant incentive for the sector in the short term. However, it can reinforce the view that in the medium and long term, investors are optimistic about bitcoin. George Soros is a controversial figure, but as an investor he is rarely mistaken.