Image source: NeonNettle
George Soros believes that cryptocurrencies are a bubble. You are about to start marketing them anyway.
The billionaire investors and the business magnate will not exchange them personally, of course, but Bloomberg reports that Adam Fisher, who runs the macro investment operation of Soros Fund Management, has obtained internal approval to start trading crypto assets.
According to reports, Fisher received the approval to begin trading with cryptocurrencies at some point during the last months, which is notable due to the public statements that Soros made about cryptocurrencies during the same period.
Soros was one of the many prominent financiers to address cryptocurrencies as a class of assets at this year's World Economic Forum in Davos, and did not show an optimistic tone.
But while it denigrated Bitcoin as a bubble, it also argued that cryptocurrencies would not have a "very strong jump" as most asset bubbles do.
"Normally when you have a parabolic curve, it eventually has a very sharp break," said Soros. "But in this case, as long as there are dictatorships on the rise, it will have a different ending, because the rulers in those countries will turn to Bitcoin to build an egg nest abroad."
The sources cited in the report said Fisher had not yet begun to market cryptocurrencies through the $ 26 billion asset manager and is still weighing his options.
Last month, CCN reported that billionaire Alan Howard, a founding partner of Brevan Howard Asset Management, had started making personal investments in crypto-hobbies and had even hired staff to help him in this new venture. However, Brevan Howard made it clear that the company itself is still moving away from the nascent cryptocurrency markets.
In fact, institutional capital in general has remained on the sidelines, despite predictions that it would enter the space of crypto-assistance in recent months.
Now that Soros is about to start trading with cryptocurrencies, that tide could change.