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The future of moneyPrev NextApr 07, 2018Helen PartzBy Helen PartzSoros Fund Management Plans To Launch Cryptocurrency Trading, Report Says9277 Total views 374 Total sharesSoros Fund Management Plans To Launch Cryptocurrency Trading, Report SaysNEWSUS investment fund Soros Fund Management, which currently operates about $26 bln in assets, will reportedly
The future of moneyPrev NextApr 07, 2018Helen PartzBy Helen PartzSoros Fund Management Plans To Launch Cryptocurrency Trading, Report Says9277 Total views 374 Total sharesSoros Fund Management Plans To Launch Cryptocurrency Trading, Report SaysNEWSUS investment fund Soros Fund Management, which currently operates about $26 bln in assets, will reportedly be investing in cryptocurrencies, despite the fact that the head of the fund George Soros earlier claimed that crypto is a “bubble”, Bloomberg reported Friday, April 6.
According to Bloomberg, citing people familiar with the matter, Adam Fisher, who is responsible for global macroeconomic investing at Soros Fund Management, has already received internal approval for cryptocurrency operations, but he has not started trading yet.
In a speech at the World Economic Forum in Davos on Jan. 25, Soros argued that cryptocurrencies like Bitcoin (BTC) cannot be considered currency due to their volatility, and that their value is speculative:
“Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day. It’s a speculation. Based on a misunderstanding.”
While criticizing the major cryptocurrency in January, the legendary macro trader did not provide any price predictions. Meanwhile, crypto markets have lost almost 50 percent by the end of the first quarter 2018.
Soros became involved in cryptocurrency activity earlier last year. In 2017, George Soros’ investment fund became the third-largest shareholder in Overstock.com, the first major retail company to accept Bitcoin as a payment option.
Launched in 1969, Soros Fund Management made its name in 1992 for its drastic bets against the British pound, which made Soros “The Man Who Broke the Bank of England."
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Joseph Young in Bitcoin ExchangeExchangesNewsSouth Korea’s Biggest Cryptocurrency Exchange Posts 171x Revenue Spike in 2017
Bithumb, South Korea’s largest cryptocurrency-to-fiat exchange, has increased its revenue 171-fold in 2017.
Exponential GrowthBTCKorea, the parent company of Bithumb, is a public company that is being traded on South Korea’s stock exchange KRX. It is required to publicly release its earnings and given
Exponential GrowthBTCKorea, the parent company of Bithumb, is a public company that is being traded on South Korea’s stock exchange KRX. It is required to publicly release its earnings and given that its only subsidiary company is Bithumb, the revenue and profit margins of BTCKorea are automatically that of Bithumb.
According to Coindesk Korea, Bithumb has increased its revenue by 171-fold in 2017, in comparison to its revenue in 2016. Bithumb takes 0.15 percent of every order as its operating fee, and the fee model remains as the main revenue stream of the cryptocurrency exchange.
In 2017, especially in its fourth quarter, the trading volume of South Korean cryptocurrency exchanges rose exponentially, as the demand for cryptocurrencies like bitcoin and Ethereum skyrocketed. Leading cryptocurrency trading platforms were sold at high valuations and the stock prices of publicly listed cryptocurrency exchanges surged. Korbit, the third biggest cryptocurrency trading platform in South Korea, was acquired for $150 million.
In 2017, Bithumb recorded a net income or profit of $420 million but recorded a revenue of 330 million. Investors in the public market were taken aback by the absurd numbers relayed by Bithumb, given that its net income was higher than its revenue, which is not possible in most cases unless the company makes substantial income outside of its main revenue model.
During an interview with Coindesk Korea, Bithumb representative stated that the company has made a profit of $90 million outside of its main business model and its cryptocurrency trading platform as non-operating income. Bithumb hinted that this may have been generated from office rental, interest rates, and investment gains.
Related PostGemini Adds Block Trading to Reduce Impact of Large Orders on Bitcoin PriceDeclare Cryptocurrency Gains or Losses, South Africa Tells TaxpayersPeople Trust Satoshi Nakamoto More than US Federal Reserve: NYSE Owner“The details of Bithumb’s balance sheet will only be finalized on March 30, in a board meeting. As such, it is difficult to confirm any details of the company’s balance sheet in early April. Bithumb will likely introduce details of its earnings in late April,” said Bithumb.
Often, non-operating income comes from companies with properties that are being rented out to other individuals or businesses. For example, if Bithumb has a commercial building in the heart of Seoul it rents out to other businesses as it only uses a part of it, it can count as the company’s non-operating income. Hence, it is not included in the revenue of the company, but in its net income.
It is likely that Bithumb generated its non-operating income from its direct cryptocurrency investments, as it is possible that the company held funds in cryptocurrencies like bitcoin and Ethereum.
A similar situation occurred with Yahoo a few years ago, when they held a big chunk of Alibaba shares. As the price of Alibaba stock surged, Yahoo’s non-operating income increased as well, boosting the company’s balance sheet.
LossIf the non-operating income of Bithumb came from its bitcoin investment, which is most likely the case, Bithumb will see a loss in 2018, if bitcoin fails to recovery beyond
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