He’s the man who broke the Bank of England and is at the centre of a number of dark conspiracy theories. Now George Soros is preparing to get involved in cryptocurrency trading just a few months after he described Bitcoin as a ‘bubble’ as its price crashed in a ‘bloodbath’.

Since his statement, the price has dropped by 41%, plunging from a high of $20,000 last year to just over $7,000 today. Following this carnage, his $26 billion hedge fund is planning to trade cryptocurrencies, Bloomberg reported last week. Adam Fisher, who oversees macro investing at the New York-based Soros Fund Management, was given internal approval to trade digital assets in the last few months, though was yet to make a wager, the report claimed.

Since his statement, the price has dropped by 41%, plunging from a high of $20,000 last year to just over $7,000 today. Following this carnage, his $26 billion hedge fund is planning to trade cryptocurrencies, Bloomberg reported last week. Adam Fisher, who oversees macro investing at the New York-based Soros Fund Management, was given internal approval to trade digital assets in the last few months, though was yet to make a wager, the report claimed.

A Soros representative declined to comment. The financial world has been divided about betting on Bitcoin. Billionaire Warren Buffett and JPMorgan’s Jamie Dimon have said they will not invest in cryptocurrencies (although they already have, and were the largest purchaser of Bitcoin during the dip) while Wall Street banks Morgan Stanley and Goldman Sachs have been open to clearing bitcoin futures.

While so many of the hedge funds that opened doors in the second half of 2017 were crushed, those that exercised caution while many carelessly entered the space may very well present investors with an incredible buying opportunity.

The general consensus from the experts- at least the ones that called the sharp drop in Bitcoin prices (and took a lot of flack for suggesting the digital currency could drop 50% or better when it was trading near all time highs) are now calling for the next bull run to resume possibly in the 2nd quarter this year.

Cryptocurrencies could go on a bull run greater than last year and pass the trillion-dollar mark in terms of value, experts told CNBC

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Written by CryptoCurrencyClarified

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