George Soros To Start Investing In Cryptocurrencies After Calling Them a Bubble Just in January
Quite big news for cryptocurrencies future.
Soros Fund Management managing $26 billion has approved trading cryptocurrency, says report published by Bloomberg. This interesting shift has happened just three months after George Soros called cryptocurrency a bubble early this year.
“As long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad,” Soros, 87, said on Jan. 25.
Since the billionaire investor made his comments, Bitcoin has fallen 41 percent.
Soros has already been indirectly betting on crypto. The firm amassed a stake in Overstock.com in the fourth quarter, making it the third-biggest shareholder of the discount e-commerce company. In August 2017 it 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.
Well crypto was in a huge bubble at the beginning of this year, so the statement wasn't certainly wrong, but still, this announcement certainly helped further his investment endeavors ;-)
Right, smells a bit like a cheap manipulation to pull the prices down as he considered stepping in.
And mission acccomplished it seems...