Here comes “The Devil”. Yup, legendary George Soros (aptly nicknamed the devil in some quarters) is about to enter the bitcoin and cryptocurrency trading world. The first thing that comes to mind is that with this “new” entry the average age of a crypto trader just jumped up massively. And, with a $26 billion family office, traders are going to learn to respect the devil. Seems Mr. Devil has already been toying with some investments (Overstock) but are now turning directly to cryptos. THIS is a very big endorsement for bitcoin-and others-since George is pretty well known for his prowess in the forex markets (just ask the Bank of England). Also, this will most certainly speed up the institutional race to get into the crypto markets. Ya know, if George is “IN” we gotta be in that space too. So get ready, “The Devil” has a new play toy.
(Bill Taylor/Managing Editor)
“The devil himself, as some call him, or more correctly his $26 billion family office, is apparently planing to start trading bitcoin and cryptocurrencies.
“Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade cryptos in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment,” Bloomberg says.
This is just weeks after Soros said “dictators turn to Bitcoin to build investment abroad,” among numerous other remarks that dismissed bitcoin and cryptos more generally back in January.
Yet in February it was revealed Soros had actually been buying some $150 million worth of shares in the very crypto friendly Overstock.
Now, they’re seemingly turning their eyes to cryptos directly with the master of finance so showing in action how it is all done.
Walking very much in the footsteps of JP Morgan, whose CEO called bitcoin a fraud to then have his company buy some bitcoins a few days later.
When Soros made his comment about dictators, we said back then “no one in this space could have asked for a bigger endorsement.” Because it was quite obvious, and so it seemed to us, that the fox was foxing…”