Investor George Soros prepares to trade cryptocurrencies as prices plunge
Soros’ US$26 billion family office is planning to trade digital assets, although it has yet to make a wager, insiders said
George Soros called cryptocurrencies a bubble in January - and now his US$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 wager, according to people familiar with the matter.
A spokesman declined to comment.
Soros, speaking at the World Economic Forum in Davos, said digital coins cannot function as actual currencies because of their volatility. But he did not predict the hard tumble that some observers had forecast at the time.
“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,” Soros, 87, said on January 25.
Since the billionaire investor made his comments, bitcoin has fallen 41 per cent. The asset’s whipsaw ride over the past six months has caused some investors to doubt the value of trading it.