He's well known in financial circles as a ruthless opportunist willing to crush anyone that stands in his way. Tens of thousands of people recently signed a petition requesting the White House declare him a terrorist. His involvement with funding political movements across the world has been called into question by citizens and governments alike. And according to reports, he is single-handedly responsible for crashing, among other things, the British Pound, Russian Ruble and the Bank of Thailand.
Now mega billionaire George Soros is preparing to enter the cryptocurrency marketplace according to Business Insider:
The investment fund founded by billionaire George Soros is preparing to dive into cryptocurrency trading, even though Soros himself previously described them as a "bubble," according to reports.
Adam Fisher, who oversees global macroeconomic investing for Soros Fund Management, has gained internal approval to invest in and trade cryptocurrencies, according to Bloomberg, which said he hadn't yet made any bets on the digital coins.
At the start of 2018, as Bitcoin hovered around all-time highs, Soros called cryptocurrencies a "typical bubble" and noted that they are not actual currencies:
"Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding," the financier and founder of the $26 billion Soros Fund Management said.
"Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can't be used for instance to pay wages because wages drop by 25% in a day. It's a speculation. Based on a misunderstanding," he added.
Earlier this week it was claimed that a "cartel" of traders, media and institutional market players could be manipulating the price of Bitcoin.
That may or may not be true, but what we can be sure of is that if there isn't a cartel involved in cryptocurrency markets yet, there will be soon and Soros' funds will most certainly have a seat at the table.
As Bitcoin entrepreneur Trace Mayer noted in a recent interview, there is a mountain of money waiting to move in and the Soros announcement appears to confirm this.
The likelihood that Soros' investments and those of other major financial players will soon drive the price of Bitcoin into bull market territory is quite high, but investors should maintain a level of caution.
Soros, as previously noted, not only makes tons of money on the way up, but is well versed in what it takes to hammer a particular asset class from all sides while profiting on its collapse.