CNBC reported today that the 26 billion dollar Soros fund has decided that they are willing to start trading cryptocurrencies. This decision was apparently made over the last few months but it was not well known until now.
In 2010 it was thought that the Soros fund had been one of the most profitable hedge funds over the previous decades. But cryptocurrencies do not seem to have been on their radar at that time.
Although the fund has not started trading yet, the decision to potentially do so is very noteworthy due to the fact that George Soros himself was quoted at the World Economic Forum this year as saying the cryptocurrencies are a bubble and that they couldn’t function as currency.
The World Economic Forum is an international organization based in Geneva, Switzerland and they hold an annual meeting attended by the biggest governmental and non-governmental names in finance in the world. Although cryptocurrencies are not usually on the agenda at past meetings, they will certainly be so in the future.
The Soros fund also made a very large purchase of shares of Overstock.com, an e-commerce company that accepts bitcoin. Overstock.com shares have risen significantly after it started accepting bitcoin. This investment may have been an initial way for the Soros fund to dip its toes into the proverbial cryptocurrency pool without making a direct commitment.
Read the full story on CNBC here
