George Soros' Fund is Planning to Trade Cryptocurrencies Like Bitcoin

George Soros’s $26 billion hedge fund is planning to trade cryptocurrencies, Bloomberg reported on Friday, months after the billionaire investor called the virtual currency a bubble.

Adam Fisher, who oversees macro investing at the New York-based Soros Fund Management, got internal approval to trade digital assets in the last few months, though was yet to make a wager, the report said, citing people familiar with the matter.

GettyImages-151703280 Billionaire investor George Soros speaks on 'The Tragedy of the European Union' as a guest of The Institute for Media and Communications Policy on September 10, 2012 in Berlin, Germany. The family firm of the billionaire financier is reportedly to start trading cryptocurrency Getty Images

A Soros representative declined to comment. 

The financial world has been divided about betting on bitcoin, a digital token.

Billionaire Warren Buffett and JPMorgan’s Jamie Dimon have said they will not invest in cryptocurrencies, while Wall Street banks Morgan Stanley and Goldman Sachs have been open to clearing bitcoin futures.

In a speech at the World Economic Forum in Davos, Switzerland, in January Soros described cryptocurrency is a "typical bubble."However, he said the underlying blockchain technology enabling cryptocurrency could be put to "positive use."

Last year, Soros’s hedge fund took an 8.99 percent stake in Overstock.com Inc to become the third-largest shareholder in the online retailer. The shares of the company surged when its unit held an initial coin offering.

The bitcoin price today, as of 9:15 a.m. EDT, is $6,860. It has been a bad 30 days, and 2018, for the price of bitcoin. Bitcoin started the year coming off record highs in December, and climbing to more than $17,000 in January. It briefly fell below $6,000 in February. 

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