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.”
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“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.