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Billionaire Investor George Soros Plans To Trade Cryptos

It is  not so long when billionaire investor George Soros said that cryptocurrencies are a bubble. It was back in January 2017. Since that time biggest crypto coin Bitcoin has fallen about 40%. Anyway, the famous investor now plans to invest in cryptocurrencies himself.

Soros said at the World Economic Forum in Davos that digital coins are too volatile to act as actual currencies.

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,” George Soros, 87, said on January 25.

Adam Fisher is the one who is in charge of macro investments at Soros Fund Management located in New York. In the last few months he already received internal approval to trade digital currencies but he has not made any wager yet.  However a spokesman decline to comment this.

bitcoin charts

Since billionaire´s last comments in January digital cryptocurrency Bitcoin has fallen to $6,000 which made many potential investors to doubt value of trading or investing in it. Bitcoin has managed to recover to from his biggest drop but its price is still very low compared to all time high at $20,000.

Mike Novogratz , former hedge fund manager, who shelved his plans to create crypto fund in December is now shifting his activities to a merchant bank which will be focused on cryptos and ventures based on related technologies.

Profits of many hedge funds started to dwindle and so their macro managers started to turn their attention to cryptos. For example John Burbank who closed his main fund last year now plans to raise $150 million for two cryptocurrencies funds.

Crypto Fund : Easy Way To Invest In CryptoCurrencies

 

Also billionaire Alan Howard made sizable personal (separated from his firm) wagers in digital coins last year and even plans to increase his personal stake in diggital assets and blockchain technology.

By the way, Soros has already been indirectly investing in cryptocurrencies. In the last quarter of 2017 his firm accrued a stake at Overstock.com and became 3rd biggest shareholder of this discount e-commerce company which was the first major retailer who started to accept payments in digital coins in August 2017. The company also had plans to start own cryptocurrencies exchange.

In March Overstock.com announced that Securities and Exchange Commission is investigation its proposed ICO. As a result of that their shares dropped by 40%.

Cryptocurrency investors also can face a possible intervention of governments. Central banks are also investigating benefits and risks of digital coins while regulators (like in South Korea) crack down on crypto trading.

Warning: Trading carries risk. Only risk capital you are prepared to lose. Past performance in not an indication of future results.

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