The devil himself, as some call him, or more correctly his $26 billion family office, is apparently planing to start trading bitcoin and cryptocurrencies.
“Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade cryptos in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment,” Bloomberg says.
This is just weeks after Soros said “dictators turn to Bitcoin to build investment abroad,” among numerous other remarks that dismissed bitcoin and cryptos more generally back in January.
Yet in February it was revealed Soros had actually been buying some $150 million worth of shares in the very crypto friendly Overstock.
Now, they’re seemingly turning their eyes to cryptos directly with the master of finance so showing in action how it is all done.
Walking very much in the footsteps of JP Morgan, whose CEO called bitcoin a fraud to then have his company buy some bitcoins a few days later.
When Soros made his comment about dictators, we said back then “no one in this space could have asked for a bigger endorsement.” Because it was quite obvious, and so it seemed to us, that the fox was foxing.
This is afterall the man of whom Paul Krugman, an individual very much in his political spectrum, so ferociously said:
“Nobody who has read a business magazine in the last few years can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit.
These new actors on the scene do not yet have a standard name; my proposed term is ‘Soroi’.”
This signals what is now somewhat clear. While some early investors might panic in light of recent price movements, the crypto space is now entering the second stage.
That is, institutional investors are coming. The rich billionaires who so far have had no clue of all this crypto stuff, yet now might be entering into a bidding war against each other for a little bit of that very finite crypto asset.