George Soros’s $26 billion hedge fund is planning to trade cryptocurrencies, Bloomberg reported on Friday, months after the billionaire investor called the virtual currency a bubble.
Adam Fisher, who oversees macro investing at the New York-based Soros Fund Management, got internal approval to trade digital assets in the last few months, though was yet to make a wager, the report said, citing people familiar with the matter.
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A Soros representative declined to comment.
The financial world has been divided about betting on bitcoin, a digital token.
Billionaire Warren Buffett and JPMorgan’s Jamie Dimon have said they will not invest in cryptocurrencies, while Wall Street banks Morgan Stanley and Goldman Sachs have been open to clearing bitcoin futures.
In a speech at the World Economic Forum in Davos, Switzerland, in January Soros described cryptocurrency is a “typical bubble.”However, he said the underlying blockchain technology enabling cryptocurrency could be put to “positive use.”
Last year, Soros’s hedge fund took an 8.99 percent stake in Overstock.com Inc to become the third-largest shareholder in the online retailer. The shares of the company surged when its unit held an initial coin offering.
What do you think?
Is Soro’s fund shifting their views on cryptocurrency is a positive or negative thing?
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