Billionaire investor George Soros, who called cryptocurrencies a bubble in January, has flip-flopped and is now reportedly preparing to trade cryptocurrencies. Adam Fisher, the head of macro investing Soros' family office, Soros Fund Management, is now planning to trade cryptocurrencies after receiving internal approval.
Bubbles and bad guys
At the World Economic Forum (WEF) in Davos, Switzerland, in January, George Soros, in a speech, said that cryptocurrency is a "typical bubble." Soros also called Bitcoin a tool for dictators to and wrongdoers; however, he said the underlying blockchain technology could be put to "positive use" — positive use? Who knew?!
Changing his tune
It seems a bit convenient that Soros would flip-flop so quickly after his anti-crypto speech at WEF, during which he decried bitcoin for its lack of qualities relating to its usage as a currency and story of value:
“Cryptocurrency is a misnomer and it’s a typical bubble which is always based on some kind of misunderstanding. Bitcoin is not a currency, because a currency is supposed to be a stable store of value, and a currency that can fluctuate 25% in a day can’t be used, for instance, to pay wages, because the wages could drop by 25% in a day.”
Regardless of what Soros may have said previously, his investment fund’s interest in the currently low-priced (read: discounted) cryptocurrency market signals that a wave of institutional investment money is on the horizon.