Those now infamous words were uttered by George Soros back in 2009, and perhaps they are being put into practice yet again.
In a news report out this morning by Bloomberg, it was revealed that the head of macro investing at the $26 billion Soros Fund is planning to trade cryptocurrencies.
The release can be found here:
According to the release, the Soros Fund head of macro investing Adam Fisher, received internal approval to trade digital assets in the last few months.
However, according to recent filings, he has yet to take any action.
Perhaps, like many others, he is anticipating a very good entry point coming up now and in the very near future?
Interesting indeed...
This is interesting coming from George Soros who hasn't talked the most positively about Bitcoin in the past.
However, he did utter these famous words several years back:
"When I see a bubble forming, I rush in to buy it, adding fuel to the fire."
His one caveat was just that you have to get out in time.
In most cases Soros has made his money by being a very selective short seller. Being most well known for his short selling of the Sterling which forced the Bank of England to devalue their currency and net Soros about $1 billion in the process.
Back in January, Soros called bitcoin a typical price bubble but that the underlying technology could have some important uses going forward.
Adding some credence to the news:
Also of interest, according to regulatory filings, the Soros Fund became the 3rd largest owner of Overstock.com in the 4th quarter of 2017.
That is interesting because Overstock is an e-commerce company that accepts cryptocurrencies and also is in the process of building a cryptocurrency trading platform.
Given the above information, it looks to me like Soros thinks there is a big run yet to come in bitcoin and cryptocurrencies as he is starting to get involved in the space.
It will be interesting to see what he actually buys and when.
Stay informed my friends.
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I think he already made money from shorting cryptos, remember he's a hedge fund mogul, he takes profit from selling and takes profit from buying. He got lots of sophisticated algorithm that can see a little bit of the future.
Georges Soros is a Bubble. The day it bursts it will smell bad.
Soros, biggest crook on the planet...corrupt to the highest level.
why are you calling him corrupt, everyone uses the powers he has.
It is so easy to think that you should make your decisions based on the news you see. These people don't play like this! They feed you one thing and do the opposite.
First they will make you hate Bitcoin and after all the weak hands fold maybe then they will decide to buy. In the meanwhile while they wait, what do they have to lose?
Interesting view though, thanks for the info. I learn something new every day.
"It's a bubble!"
"It's a bubble!"
Price drops, Soros buys low.
"It's not a bubble."
A bubble within a larger bubble perhaps?
Precisely. It was a bubble in the short run but we have seen many of those since 2010, every time the price bounce back even higher with the exclusion of the 2014 bear, within 6 - 9 months. I remember the DAO hack like it was yesterday and GOX. When everyone throws in the towel that's when you load. Soros did not make all that money by being stupid. Also, he has all the incentive to talk it down a few months ago to buy in cheap now.
Agreed, or perhaps a bubble within a bigger bubble.
This will be the story of Crypto the bubble within a bigger bubble. The bubble that just kept going disrupting a $200 trillion currency market.
Yep. And once you have that amount of money and that kind of influence, getting even more money is child's play.
typical institutional investor
You just buy the damn thing and be patient, this is the patient basically stealing from the impatient here...
What a corrupt guy. Pushing the price down with fake news, so he can buy low.
If its a bubble i love this bubble hope it will never blew
He said “trading”, not “investing”. He could be buying or shorting.
Good stuff
Rule of thump "buy the dip and sell the tip"
If only we could short BitCoin. That was a bandwagon I would have jumped on in January. With all the pump & dumping that was going on, it was obvious bitcoin was going to take a header back then.
Sadly, how low is it going to go this time around? That's not so easy to predict. :-\
Too good post .
Its really informative post for all the steemers. Thanks for sharing such a nice post.
There lies the question: Where is the crypto bubble? George Soros has shown time and time again that he has uncanny timely. He knows exactly when to get into an investment for maximum profits. Thanks for the crypto share.
I think we already saw one. Though it was perhaps a smaller bubble within a much larger bubble that will take several years before it bursts.
Once again, the price of coins dictates purchasing decisions.
This is very informative and gives the crypto community some hope. Though I personally believe cryptocurrencies in general are more than just a currency.
There is more to it and I am loving every single day of it, it is a great time to be alive to witness the era of the crypto
Thanks for sharing this our way @jrcornel
Mr. Soros is probably first taking the path of many institutional investors as they are avoiding regulatory uncertainty in buying some of the assets and instead investing in the companies implementing use cases or developing blockchain technology.
I think the uncertainty might be keeping many of them out to be honest. They don't to buy something with so much headline risk, which is why we need some clear guidelines on these things sooner rather than later.
أحسنت
So i think we should start praying for the bubbles so he will rush into it we make our profit
Yes its a bubble!
He may be reconsidering his options what with strict government regulations on cryptocurrencies.
These guys are some of the major determinants of price movement. They could condemn the stuff till it falls and buy enough stock. After then, it's all good stories about the said stuff
@penauthor
I am getting the hold of it little by little ;)
Sounds a good news. If this kind of reports and publication continues then we might see Bitcoin price go up sooner than expected.
muy buena información! sobre todo para los que nos hemos iniciado en este mundo cripto...
This will be an interesting test of timing... we can count on Soros to do the Pump & Dump twostep. I figure he'll stick with BTC at first and then diversify, working his way down the list of widely held coins... Interesting development- and probably not a good one for small investors!
Same as usual.. first, they call it a bubble, and then pour into the crypt. Remember Damon and draw a conclusion-now the best price for cryptocurrency in recent years, buy and become Soros :)
how much longer do they have to wait to get crypt money? The tendency to fall quickly recovers itself. This would be a profit if they invested in the long term. How effective is your investment on crypto money?@Jrcornel
Always agree.
I think in general the smart money gets in at the low (when FUD is at its highest), and then HODL and laugh their way to the bank when it rises again. Markets work in cycles... this is just an extreme correction and it WILL bounce back!
What a grubby little man
This is interesting news, indeed, because we can imagine the kind of people he’s talking to and the kind of inside information he has access to. With news like this, I’m beginning to be a little more certain that we’ll see a bounce in the price after the tax deadline on the 17th and the futures expiry on the 18th. Regulators across the globe are approving BTC financial instruments and we’ll soon see institutional money flooding in.
think about the millions of rich people that worship Soros will be like "oh well might as well fomo w Soros and buy bitcoin "
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