April 6, 2018 / 4:43 PM / 3 months ago

George Soros set to trade cryptocurrencies: Bloomberg

(Reuters) - 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.

A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/Files

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.

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.

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.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur

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