In January George Soros called the cryptocurrency a pure bubble. Now his $ 26 billion company plans to trade with Criptocurrencies
According to the agency, one of the billionaire companies has received in-house approval for trading with “Crypto assets” – assets that traditional finance managers have avoided so far due to limited industry experience, lack of regulation and instability.
Adam Fisher, head of Soros Fund Management’s macro investment, has received approval but has not yet made any investment in Crippto assets, Bloomberg writes, quoting people familiar with the matter.
Allowing the fund to trade with cryptocurrency comes at a time when Bitcoin‘s price is on its lowest level ever.On Friday, Bitcoin’s value was about $ 6,600, well below the maximum reached at the end of 2017 of nearly $ 20,000.
In the first three months of this year, cryptographic funds that invest directly in a number of altcoins lost an average of 52% of their value, according to Hedge Fund Research. Meanwhile, hedge funds, which generally invest in shares, increased their value on average by 0.4% over the same period.
In recent months, regulators across the globe have begun to pay more attention to Criptocurrency, which scare investors. Interest in Bitcoin also seems to have diminished, with the number of searches for the asset, which is generally a marker of price fluctuations.
Throwback
Back in January 2018. George Soros was the person who said Bitcoin is a bubble and the price started to fall.It was like a switch button. Few months later and more precisely on April 2018 he is thinking completely differently about the Bitcoin. For 3 months he changed completely his mind, which is suspicious.
Overall
It is what it is,people like George Soros are the whales driving the price up,down and sideways. The only thing we can do is to read the news everyday and try our best to trade smart. Otherwise the lost is inevitable.