Very surprisingly, George Soros – well known billionaire, has decided to take a U-turn and commence cryptocurrency trading. The announcement was reported on just three months after Mr. Soros stated that cryptos are a standard “typical bubble”.
According to the report by Bloomberg, it has been confirmed that internal approval to trade digital currency-assets has been received in the past few months by Adam Fisher who is in charge of overseeing macro investing in the firm.
In January 2018, during the World Economic Forum – Soros added that cryptos were supported on some kind of misunderstanding and it is not possible for them to act as actual currencies because of the showcased volatility. He continued that criminal activities could find great use of the coins:
“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,” he said.
Many famous and leading figures do believe that cryptocurrencies having the anonymity side set at a high bar makes it difficult to track their path-movements, which is why authorities in a global-range have commenced regulatory developments and set up laws to restrict the usage of cryptos.
Accordingly, countries like South Korea and China tanked cryptocurrencies, and the market continues the same shaky trend with many feeling the investor-community confidence dropping. However Soros’ move might be a catalyst of optimism while keeping in mind the fact that the prices are at a dreamy low of buying and stepping-in in the huge game of cryptos.
Trade safe and do not overtrade!