The $26 billion hedge fund of George Soros has taken the unprecedented turn to be in talks of trading virtual currencies like BTC and Ethereum. This is according to the reports of Bloomberg a of Friday. Ironically, this comes after the billionaire investor shut off virtual currencies as a bubble, months ago.
The head of macro investing at Soros Fund Management, which is based out of New York City, Adam Fisher, got an internal approval to trade in digital assets which included virtual currencies and coins. This happened a few months ago. The fund is yet to make any wagers as of yet, however people familiar to the events and matter confirmed the internal circular and confirmation of the same.
CoinPublish approached Soros Fund Management for comment, which was promptly declined.
The financial world has always been divided about making wagers on Bitcoin (BTC), a digital token, which holds the largest market capitalisation among all virtual currencies. Billionaire and star investor Warren Buffet and JP Morgan’s Jamie Dimon have openly detested cryptos and have refused to invest in virtual currencies. At the same time, Wall Street based banks like Morgan Stanley and Goldman Sachs have been providing leeway to process and clear Bitcoin Futures.
In a cursory update of the fins performance of Soros’s hedge fund, we see that it took an 8.99 percent stake in Overstock.com INC (OSTK.O), making it the third largest shareholder of the online retailer company. Further, the shares of Overstock.com Inc surged points when its unit held an initial coin offering.
Whether the virtual currencies industry is a promising new future of money and fiscal regulation or is a systematic risk to the existing systems which is bound to implode soon or later, this debate has been long raging. Stay tuned with CoinPublish for timely update on the industry.