George Soros Is Rumored to Be Investing in Cryptocurrency – News Bitcoin News


George Soros Is Rumored to Be Investing in Cryptocurrency

Billionaire octogenarian George Soros is reportedly taking an interest in cryptocurrency trading. If true, the move would be a remarkable turnaround for the business magnate, who’s previously been scathing of bitcoin, calling it a bubble and a tool of dictators.

Also read: George Soros: Bitcoin is Propped Up by Dictators

Soros Eyes an Entry into the Crypto Markets

87-year-old George Soros’ best years may be behind him, but the tycoon still knows an opportunity for profit when he sees it. Crypto assets have traditionally been met with scepticism by senior investment figures such as George Soros and Warren Buffet, whose investment prowess is streets ahead of their tech knowledge. Fortunately, an innate understanding of blockchain technology is not required to participate in the crypto markets: simply the ability to calculate risk and reward. Bloomberg reports that George Soros is now pondering an entry into the cryptocurrency space.

Soros Fund Management, his family investment firm, has $26 billion in assets and is believed to have earmarked some of that capital for crypto. Bloomberg claims that Adam Fisher, an investor at Soros Fund Management, has received the go-ahead to trade virtual currencies. Should this prove to be the case, it would make sense for Soros to enter now that the markets have cooled off, having dropped three-fold from their December peak.

George Soros Is Rumored to Be Investing in Cryptocurrency

A Volte-Face for the Eight-Billion Dollar Man

Bitcoin’s recent history is littered with public figures who’ve written cryptocurrency off, only to later eat their words and stake a claim. Jamie Dimon’s stance on bitcoin has softened considerably, and it appears that George Soros may also have seen the light. “Currently [bitcoin] is used mostly for tax evasion and for the rulers in dictatorships to build a nest egg abroad,” he remarked as recently as January. Even if George Soros retains this view, it doesn’t preclude him from investing in crypto for his own purposes, namely profit.

The cryptocurrency markets are down 41% since Soros last expressed his thoughts on bitcoin. If his entry is confirmed, it’s unlikely to provide any sort of short-term boost to the market. It adds further weight, though, to the notion that in the mid to long-term, investors are extremely bullish about bitcoin. George Soros is a controversial figure for a number of reasons, but when it comes to investments, he’s rarely wrong.

Are you surprised to learn that George Soros could be investing in crypto? Let us know in the comments section below.

Images courtesy of Shutterstock and Wikipedia.

Tags in this story
billionaire, Bloomberg, George Soros, investment, Jamie Dimon, N-Featured, Warren Buffett

Need to calculate your bitcoin holdings? Check our tools section.

Kai Sedgwick

Kai's been manipulating words for a living since 2009 and bought his first bitcoin at $12. It's long gone. He specializes in writing about darknet markets, onchain privacy, and counter-surveillance in the digital age.

Show comments