Those now infamous words were uttered by George Soros back in 2009, and perhaps they are being put into practice yet again.
In a news report out this morning by Bloomberg, it was revealed that the head of macro investing at the $26 billion Soros Fund is planning to trade cryptocurrencies.
The release can be found here:
According to the release, the Soros Fund head of macro investing Adam Fisher, received internal approval to trade digital assets in the last few months.
However, according to recent filings, he has yet to take any action.
Perhaps, like many others, he is anticipating a very good entry point coming up now and in the very near future?
Interesting indeed...
This is interesting coming from George Soros who hasn't talked the most positively about Bitcoin in the past.
However, he did utter these famous words several years back:
"When I see a bubble forming, I rush in to buy it, adding fuel to the fire."
His one caveat was just that you have to get out in time.
In most cases Soros has made his money by being a very selective short seller. Being most well known for his short selling of the Sterling which forced the Bank of England to devalue their currency and net Soros about $1 billion in the process.
Back in January, Soros called bitcoin a typical price bubble but that the underlying technology could have some important uses going forward.
Adding some credence to the news:
Also of interest, according to regulatory filings, the Soros Fund became the 3rd largest owner of Overstock.com in the 4th quarter of 2017.
That is interesting because Overstock is an e-commerce company that accepts cryptocurrencies and also is in the process of building a cryptocurrency trading platform.
Given the above information, it looks to me like Soros thinks there is a big run yet to come in bitcoin and cryptocurrencies as he is starting to get involved in the space.
It will be interesting to see what he actually buys and when.
Stay informed my friends.
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