Bloomberg: George Soros Is Preparing to Trade Cryptocurrencies

Soros
Kevin Wolf/AP

The New York-based Soros Fund Management is preparing to trade cryptocurrencies, according to a report from Bloomberg.

The news comes just months after George Soros, the founder of Soros Fund Management, condemned cryptocurrencies. “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 said in January.

Now, Soros Fund Management is preparing to trade cryptocurrencies. Bitcoin has fallen more than 50 percent since Soros’ remarks in January. Bitcoin hit a record high of $19,000 in December.

At the end of 2017, Soros became a large stakeholder in Overstock.com, which is known for its early acceptance of cryptocurrency. In 2014, Overstock.com became the first major retailer to accept Bitcoin as a payment option. In December, Overstock CEO Patrick Byrne announced that the company would develop a cryptocurrency exchange.

Overstock.com announced in March that the Securities and Exchange Commission is investigating the Initial Coin Offering (ICO) associated with their new exchange. Overstock shares have dipped 40 percent since the announcement of the SEC investigation.

 

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