George Soros Foundation will start trading crypto-currencies

The American investment fund Soros Fund Management, which currently owns assets of about $ 26 billion, plans to engage in crypto-currency trading, despite the fact that earlier the head of the fund George Soros called the crypto-currency soap bubble.

According to Bloomberg, Adam Fisher, who is responsible for global macroeconomic investment in Soros Fund Management, has already received internal approval for the start of digital assets trading, but the process has not yet begun.

This decision means that once the crypto-currency skeptic George Soros decided to reconsider his attitude to the digital currency.

In his speech at the World Economic Forum in Davos on January 25, Soros argued that crypto-currencies can not be equated to a fiat currency because of their volatility. He also noted that their value is speculative:

"Bitcoin is not a currency, because the currency should be a stable means of accumulation, and a currency that can fluctuate by 25% during the day can not be used, for example, to pay wages, because this means that the salary can per day fall by 25%. This is speculation based on a misunderstanding. "

Nevertheless, criticizing Bitcoin in January, the legendary macro trader did not sound any forecasts about his price. Meanwhile, the crypto-currency markets lost almost 50 percent by the end of the first quarter of 2018. Such events have led many investors to question the value of the crypto currency.

Soros began to deal with crypto-currency activities last year. In 2017, his investment fund became the third largest shareholder of Overstock.com, the first large retailer to accept bitcoin as a payment method.