Rush of Billionaires to Eldorado cryptocurrency – Georges Soros, new convert or undertaker

In terms of investment, the opinion of one of the biggest fortunes in the world counts for many, moreover that of Georges Soros, known for making his fortune by speculating on currencies and shares. To know that Soros had voted against cryptographic currencies last January accusing them of forming a speculative bubble, gives more importance to his turnaround in favor of the same currencies.
Interest in the cryptocurrencies of a financier at the head of funds and family capital valued at $ 26 billion whose personal share is estimated at $ 8 billion, should constitute in the short or long term, a positive signal for the monetary environment that has developed around Bitcoin since 2009, the date of its creation.
More broadly, it is a contingent of several billionaires who is now interested in cryptocurrencies.

A suspicious jacket turnaround

George Soros has made a reputation that inspires fear and fear in the financial community.
Its speculative activities led it to have trouble with several central banks including Japan in 1970, the United Kingdom in 1992, Malaysia in 1997 and more recently with the German central bank. Since 1997, he has had the nickname of “the man who blew up the Bank of England”. It is estimated that it would have made $ 1.1 billion by betting on a decline in the pound sterling on September 16, 1992 or “Black Wednesday”.

Last January, at the Davos summit in Switzerland, Soros had already shown signs of his interest in cryptocurrencies, since he was following them enough to comment on their short-term future. He first expressed his reservations about them by stating that “cryptocurrencies are a bubble and can not function as real currencies because of their volatility”. Despite this stance, the large-format broker did not even predict a decline in the industry as many, even though Bitcoin had already lost more than 54% of its December 17 value.

Soros announced at the summit that Bitcoin in particular and cryptocurrencies in general, will tend to stabilize around a value and present a flatter curve. Such a scenario would mean less profit for investors.

The spokesman for the Open Society Foundations investment fund in Soros announced that senior manager Adam Fisher would have received internal approval to take positions in the cryptographic currency market in the coming months.

If this sudden interest from the investment fund of one of the biggest fortunes in the world seems to give more credence to cryptocurrencies, there may be reason to worry about Soros’ past activities. It could become a whale so big that it would dive for a moment or for a longer time the cryptocurrency sector.

Announced arrival of new whales

Since the beginning of the year, we have witnessed a blossoming of investment funds held mainly by billionaires around the world, cryptocurrency.
Billionaire Alan Howard, $ 1.5 billion in 2018 according to Forbes, announced last month that he has taken positions independently of funds from his companies.

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John Burbank, founder of the $ 4 billion investment fund Passport Capital, announced $ 150 million in profits on its cryptocurrency operations.
As for Georges Soros, if his company now seems to want to invest openly in the cryptocurrency, he had already indirectly operated in the sector through the company Overstock.com online business of which he is the third largest shareholder.
Overstock.com, a $ 1.1 billion company, is the first online retail company to have Cryptocurrency payment included in its payment methods in August 2017.

If there is reason to be concerned about this massive influx of XXL-size portfolios in the cryptocurrency environment, it is clear that this interest is also guided by their insurance in cryptographic currencies.

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