"When I see a bubble forming, I rush in to buy it." - George Soros
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"