Billionaire Investor George Soros Prepares Fund to Trade Cryptocurrency
According to a report originally published by Bloomberg on Friday, Soros Fund Management’s head of macro investing Adam Fisher has received internal approval to trade digital assets. According to sources familiar with the matter, Fisher received approval sometime in the last few months but has not taken action yet.
Founded in 1969, New York-based Soros Fund Management has around $26 billion in assets under management in various Quantum Funds. Historically, Soros has invested in a wide variety of products, including stocks, commodities, currencies, private equity, and even venture capital.
Soros is on record stating that cryptocurrency is a “typical bubble.” However, Soros’ investment fund bought an 8.99% stake in stock in Overstock.com (OSTK) at the end of 2017, a company that has seen its share price surge after adding bitcoin as a payment option and announcing a cryptocurrency trading product.
At the World Economic Forum in Davos on Jan. 25, Soros went on record with a global use case for cryptocurrencies, albeit fairly dubious:
“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.”
There has been no official comment from the Soros family office.