Crypto News | Soros Fund Entering Crypto

It is not uncommon for traditional investors to bash cryptocurrencies one minute, then change their tune right after. Mark Cuban, for example, is notorious for downplaying the importance of cryptocurrencies, even though he is happy to accept crypto payments for the Dallas Mavericks games. And now it seems like George Soros is joining the club of reluctant crypto adopters. According to a report from Bloomberg, Soros Fund Management, his US-based investment fund, is planning to invest heavily in cryptocurrencies. The fund operates in excess of $26 billion in assets at the moment.  Earlier this year, Soros said that Bitcoin is not a currency since its price fluctuates too much, so it cannot be used to pay wages or perform similar transactions that need a stable store of value. Instead, he called Bitcoin a speculation and a misunderstanding. Nevertheless, Soros Fund is already involved with cryptocurrencies, since he is the third largest shareholder of Overstock.com, which is known for being the first major retail company that embraced BTC for payments.

Even though new investments are always good news, cryptocurrencies have traditionally always relied on smaller investors and grassroots projects, backed by public interest outside of the established financial systems and conglomerates such as the Soros Fund. And it is precisely in this area that Japan is leading the way. According to a recent survey with almost 5,000 participants, 14% of male employees, aged 25-30, own some kind of digital currency. 90% of those are buying cryptocurrencies for investment purposes, and 47% plan to keep on actively investing. 10% of crypto owners own more than $9,300 in crypto.

In spite of the little known saying, this time it’s big stone = big ripples. With so many active crypto users and a thriving crypto economy, there is always something new happening in Japan – both good and bad. In a latest development, two cryptocurrency exchanges have been ordered by the Japanese Financial Services Authority to suspend their operations. After taking a look at their business practices and leaving unsatisfied with the measures to prevent risks and money laundering, FSA officials have suspended Eternal Link and FSHO. Additionally, Lastroots was penalized and told to improve several areas. Eternal Link and FSHO will be suspended for two months.

For other crypto exchanges in Japan, this only means that they will have more room to grow. And they will need a lot of talent to satisfy the rising demand. Currently, there is a serious shortage of qualified crypto engineers in Japan – people who can work on system management, perform internal checks, and assess system risk. Many argue that not having enough people on key positions is what led to the Coincheck hack. The other 30+ existing crypto exchanges and more than 100 still waiting for a license will need to fill these gaps if they hope to succeed in the future.

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