The $26 billion family office of George Soros plans to begin trade of crypto currency and other digital assets, Bloomberg reports with reference to their own sources from April 6th. According to Bloomberg, Adam Fisher, who is responsible for the global macroeconomic investing in Soros Fund Management, already received internal approval for operations with cryptocurrencies but has yet to begin trading.
In front of the World economic forum in Davos on January, 25, Soros asserted that cryptocurrencies like Bitcoin (BTC) cannot be considered currency due to their volatility and speculative value:
“Bitcoin is not currency, because currency must be a stable store of value, and currency that can fluctuate 25% in a day can not be used, for example, for payment of salary, as a salary goes down on 25% in a day. It is speculation. It is based on misunderstanding “.
After criticizing cryptocurrency in January, bitcoin and other cryptocurrencies lost nearly 50% of value by the end of the first quarter of 2018.
Last year Soros began betting on cryptocurrency and 2017 saw the investment fund of George Soros became the third largest shareholder in Overstock.com which was the first large retail company to accept bitcoin as a variant form of payment.