Us investment Fund, Soros Fund Management, which currently has assets of about $26 billion, plans to engage in cryptocurrency trading, despite the fact that earlier the head of Fund of George Soros called cryptocurrency bubble.
According to Bloomberg, Adam Fischer, who is responsible for global macroeconomic investing for Soros Fund Management, has received internal approval to start to trade digital assets, but the process has not yet begun.
The decision means that once the cryptocurrency skeptic George Soros has decided to reconsider its attitude towards digital currency.
In his speech at the world economic forum in Davos on 25 January, Soros argued that cryptocurrencies cannot be equated to Fiat currencies due to their volatility. He also noted that their value is speculative:
“Bitcoin is not a currency because a currency should be a stable means of accumulation. A currency that can fluctuate by 25% during the day, cannot be used, for example, to pay salaries, because it means that wages may one day fall by 25%. This is speculation based on a misunderstanding”.
However, criticizing Bitcoin in January, the legendary macro trader have not voiced any predictions about his prices. Meanwhile cryptocurrency markets have lost nearly 50 percent by the end of the first quarter of 2018. Such events caused many investors to question the value of cryptocurrencies.
Soros became involved in cryptocurrency in the past year. In 2017, the investment Fund became the third largest shareholder Overstock.com the first major retailer accepting bitcoin as a payment method.
George Soros is probably the most famous currency trader in history. In 1992, Soros bet $10 billion that the British pound will fall, and his predictions have come true. The whole world was calling him “the man who broke the Bank of England.”