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George Soros to Begin Trading Cryptocurrencies
Altcoin News

George Soros to Begin Trading Cryptocurrencies

According to Bloomberg, George Soros’s $26 billion family office is planning to trade digital assets. Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade virtual coins in the last few months, though he has yet to make a trade, according to people familiar with the matter. A spokesman declined to comment.

Another Billionaire Alan Howard has made sizable personal investments in cryptocurrencies last year and plans to put more of his own money into digital assets and the blockchain technology behind them.

Soros, speaking at the World Economic Forum in Davos, said digital coins cannot function as actual currencies because of their volatility. But he didn’t predict the hard tumble that some observers had forecast at the time.

On Jan. 25 Soros, who is 87, said:

“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,”

Since the billionaire investor made his comments, Bitcoin has fallen 41 percent. The asset’s whipsaw ride over the past six months has caused some investors to doubt the value of trading it. Former hedge fund manager Mike Novogratz shelved plans to launch a crypto fund in December, shifting his efforts to a merchant bank focused on cryptocurrencies and ventures based on related technologies.

John Burbank, who closed his main fund last year, plans to raise $150 million for two funds investing in digital currencies. His Passport Capital started the funds in January and have mostly sought investments from family offices and other wealthy investors.

Investors are wary of the possibility of government intervention, with central banks globally investigating the benefits and risks of cryptocurrencies. However, regulators in Japan and South Korea, two of the world’s busiest Bitcoin markets, are using a strict, but fair hand in dealing with cryptocurrencies.


Cryptocurrency investor, researcher and writer

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