Content adapted from this Zerohedge.com article : Source
Cryptocurrency might get a shot in the arm from one of the world's leading speculators.
After a historic drop in the price of cryptocurrency, billionaire investor George Soros could start trading in the alternative platform.
According to Bloomberg, the New York based Soros Management Fund received permission in the last few months to trade in alternative currencies. Adam Fisher, who runs the fund, has yet to make a trade despite the internal approval.
The leaked by Bloomberg is raising the question, if accurate, whether Soros is just getting started or was he accumulating the last few months?
What is ironic, is that just three months ago when speaking at the World Economic Forum in Davos, Soros said digital coins cannot function as actual currencies because of their volatility, "but he didn’t predict the hard tumble that some observers had forecast at the time."
“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.
To be sure, Soros won't be the first billionaire to try his skills trading cryptos. Others include John Burbank, who shuttered his main fund last year, and who plans to raise $150 million for two funds investing in digital currencies. As reported before, Brevan Howard's billionaire founder Alan Howard also made sizable personal wagers in cryptocurrencies last year and plans to put more of his own money into digital assets and the blockchain technology behind them.
Non-adapted content found at zerohedge.com: Source