Stocks

George Soros Now Trading Cryptocurrencies

In its short history cryptocurrency, and especially bitcoin, the number of public figures who have previously dismissed cryptocurrency, only later to step back on their statements and stake a claim, is manifold. Most famously, Jamie Dimon, CEO of JP Morgan, had a sharp turnaround and he no longer dismisses bitcoin as a fraud and even said he regrets his prior comments. Richard Ettl,Smart Containers Group Co-Founder and CEO, had this to say about cynics now entering the crypto-space:

George Soros

“Previous skeptics are now entering into the crypto market — this is something we see occurring on a daily basis. This is undoubtedly as a result of the continues innovation within, and growth of, the blockchain industry across the globe. It is hard to ignore the potential value which so many dynamic companies hold as investment opportunities and vehicles for positive change in the world — as the industry grows, those who doubted its sustainability are coming to realise that blockchain is not only here to stay, it will form the backbone of the future.”

George Soros also seems to have joined the ranks of institutional investors reassessing cryptocurrrency, having previously derided it as a tool for for tax evasion and dictatorships building nest eggs abroad, he is now entering the space.

Back in January, he called cryptocurrencies a bubble but now, only a few months later, his family office is planning to trade in digital assets. Soros is often known as the King of Shorting and many are asking what his involvement means for the crypto world. Even if he retains his skeptical view, it doesn’t preclude him from investing in crypto for his own purposes, but his investment does bring with it a level of legitimacy to the industry. Richard Ettl had this to say in response to the news:

“As more institutional investors become involved in the marketplace, there will be increased expectations surrounding industry best-practices and due diligence by token issuers. The entrance of highly successful traditional investors into the cryptocurrency space signals the increased professionalisation of the sector, and the maturation of one of the world’s fastest growing industries.”