George Soros thinks cryptocurrencies are a bubble, but he’s going to start trading them.
The billionaire investor and business magnate won’t be trading them personally, but Adam Fisher – who runs Soros Fund Management’s macro investing operation – has secured internal approval to start trading cryptoassets.
Fisher received the opportunity to start trading cryptocurrencies sometime during the last few months, which is notable given public statements Soros made about cryptoassets during the same period.
Soros addressed cryptocurrencies as an asset class at this year’s World Economic Forum in Davos, and he did not strike an optimistic tone. Though he described Bitcoin as a bubble, he also argued that cryptocurrencies would not have a «very sharp break» as most asset bubbles do.
«Normally when you have a parabolic curve, eventually it has a very sharp break. But in this case, 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», – said Soros.
Adam Fisher has not yet started trading cryptocurrencies through the $26 billion asset manager and is still weighing his options.