The Soros Foundation is going to invest in cryptocurrencies

Bloomberg reports that the Soros Fund Management, which handles the investments of the legendary George Soros and his family, is beginning to explore the possibilities of cryptocurrency as an investment for substantial funds.

People inside the Soros fund told Bloomberg that Adam Fischer, head of macro-investment, has received approval to trade cryptocurrencies, but has not yet concluded a single deal. 

The move contradicts the skepticism Soros himself expressed against Bitcoin earlier in January. Speaking at the World Economic Forum in Davos, the legendary investor said: “Cryptocurrencies are classic bubbles that are always based on misunderstanding.” 

“Bitcoin is not a currency because a currency is a stable store of value, and a currency whose price can fluctuate 25% per day cannot be used, for example, to pay wages. It is just speculation,” he added.

While these revelations from the Soros Fund Management have just appeared on the Internet, their interest in cryptocurrencies is not new. The New York-based fund, which has approximately $30 billion, last year bought a large amount of shares in online retailer Overstock, which was also planning to launch a crypto exchange.

Soros made his name in the sun by betting that the value of sterling would fall, he is called the man who “brought about the collapse” of the Bank of England in 1992 because he made more than $1 from the depreciation of the pound sterling billion.

The Soros Foundation is not the only investor interested in cryptocurrencies. Mike Novogratz and billionaires Mark Cuban and Peter Thiel have taken similar positions. Despite this, the optimism of major financial institutions and professional investors cannot stop the cryptocurrency market from the sharp decline that we have seen over the past 3 months.

According to https://www.financemagnates.com