Billionaire George Soros Plans to Invest in Cryptocurrencies

George_Soros_Invest_CryptocurrencyHungarian-American Billionaire George Soros is planning to invest in cryptocurrencies via his New York-based Soros Fund Management. Soros is making a U-turn after calling them a bubble in January at the World Economic Forum in Davos. coque iphone en ligne He then said digital currencies are volatile and dictators will turn Bitcoin into a financial nest. At the time of his January statement, Bitcoin was trading above $1000 and has seen an almost 40% slump since then. coque iphone 8 Bitcoin traded below $7000 while writing this post. Adam Fisher who manages the fund has gotten internal approval to trade crypto for the last few months. coque iphone He’s yet to take action on the approval and hasn’t actually made any trades. Some O\other hedge fund managers began creating portfolio funds for crypto in the third quarter of 2017, following Bitcoin’s record-breaking rise – which was subsequently followed by other cryptocurrencies. CHECKOUT: CRYPTOCURRENCY EXCHANGE IN NIGERIA George Soros already invested in discount e-commerce company Overstock, which started to accept cryptocurrency in August last year. acheter coque iphone en ligne His investment made his firm the third largest shareholder in the company. Overstock recently announced plans to raise funds via an ICO which the US Security and Exchange Commission is investigating. coque iphone pas cher The company’s stock has shed about 40% since the announcement. coque iphone 7 We’re likely to see more hedge fund managers follow Soros’ lead. George Soros is one of the world’s most successful investors and many others look to him for advice and mentorship. ALSO READ: THINGS YOU NEED TO KNOW BEFORE INVESTING IN CRYPTOCURRENCY Many investors’ decisions to trade cryptocurrency will invite investigation from governments. Globally, central banks are still investigating the risks of virtual currencies while working with other legislators to try to curb fraud and losses.