Crypto fever continues…. According to a recent Bloomberg Technology post, George Soros and his $26 billion family office is now preparing to trade cryptocurrencies, shifting from his January World Economic Forum assessment that digital assets were a “bubble.
Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, received internal approval to trade virtual coins in the last few months, though he has yet to make a wager, according to Bloomberg.
The article indicates that Hungarian-American investor Soros has been indirectly betting on crypto, amassing a stake in Overstock.com in the fourth quarter, reportedly making the family the third-biggest shareholder of the discount e-commerce company. In August 2017 Overstock became the first major retailer to accept digital currencies. The company had also planned to start an exchange for cryptocurrencies as well as offer digital coins that could trade on the platform. Shortly after Overstock.com disclosed that the Securities and Exchange Commission was investigating a proposed ICO, its shares plummeted 40 percent.
Soros, the chair of Soros Fund Management LLC and founder of the Open Society Foundations, is one of the world’s most successful investors and generous philanthropists.