Earlier this year, billionaire George Soros spoke out against the volatility and hype of Bitcoin at the World Economic Forum. He claimed that cryptocurrencies are a bubble that benefitted corruption and the dictators of the globe. He predicted that this bubble would not have as sharp a break as other fads, but his claims nonetheless were clear against the rise of digital money. Today however, Bloomberg announced that Soros is to begin trading in the cryptocurrency market, regardless of whether he believes in it or not.
According to reports his $26 billion family office received the green light on cryptocurrency investments a few months ago and the trade of digital assets is set to be underway shortly. Formerly a Hedge Fund, the New York based fund management company has been running for 49 years since Soros established it in 1969 and has since become one of the most profitable funds in the industry. The new investments will be overseen by Adam Fisher, overseer of macro investing at the management fund, and will not be personally invested by the 87 year old billionaire.
In the last few months CCN also revealed that the founding partner of another management fund, billionaire Alan Howard also began investing in cryptocurrencies and, according to the report, even hired new staff to support his growing interest in the cryptocurrency realm. Bloomberg similarly reports that John Burbank, also “plans to raise $150 million for two funds investing in digital currencies”. Signalling an interesting growth in interest from the traditionally anti-crytpo advocates.
As the digital sphere continues to fall in value, Bitcoin actually has dropped 41% since Soros made his negative comments in January and is now below the $7,000 mark, the news that fund managers are not only looking into Bitcoin, but actually acquiring teams that will support their endeavours into the digital world is telling. Especially whilst prices are continuing to decrease, an investment by the tactical billionaires now might eventually return them profit in the near future. The reputation of establishment figures could add validity to the digital spectrum and in turn result in the increase in value that the currencies will so desperately need relatively soon. Now is the time to watch, very carefully, who begins to invest in the cryptosphere, it might just answer your question about whether to also follow suit.