April 6, 2018 - Soros Fund Management
Earlier this year, billionaire George Soros denounced cryptocurrencies calling it a bubble. Now his $25.2 billion dollar fund management company plans on investing and trading digital assets.
Soros, who bet billions (and won) against the British pound in 1992 said that cryptocurrencies will cause more harm than good "[and that] in this case, as long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad."
When this comment was made by Soros back in early January, Bitcoin prices fell nearly 42 percent. Though this caused an early bear run for investors; hope has not been lost.
Soros Fund Management's Adam Fisher, responsible for overseeing macro investing in New York, received internal approval to trade digital assets these last few months but has yet to take any action.
The approval of trading digital assets should not come as a huge shock as Soros has already been indirectly betting on crypto. In the fourth quarter of 2017, Soros Fund Management amassed a stake in Overstock.com, making it the third largest shareholder.
Overstock.com is a discount e-commerce company that as of August 2017 became the first major online retailer to accept digital currencies as a form of payment.
In March of 2018, Overstock filed with the U.S Securities and Exchange Commission (SEC) to create a $250 million ICO to support its tZero alternative trading system. This means that Soros Fund Management is currently supporting the efforts made by Overstock and its ventures in cryptocurrency as means of conducting business.
More information will be posted as it becomes available.