Billionaire investor George Soros invests big in Bitcoin
A massive investment in cryptocurrency from billionaire investor George Soros sent prices soaring today.
George Soros joined the cryptocurrency revolution with a substantial backing in overstock.com.
The Salt Lake City-based online company sells a variety of furniture, jewelry, and home decor products.
Overstock has seen its shares rise by over 200 percent in the last year after announcing plans to jump into the digital coin-trading business in September.
The firm has more than one wing to its business.
It started as furniture “overstock” shop which began accepting cryptocurrency transitions.
It also doubles as a blockchain property rights venture in partnership with economist Hernando DeSoto.
The company is part of a majority-owned subsidiary called tZero which began working with two financial services companies – RenGen and Argon.
These two companies create what the firm calls a “distributed ledger platform for capital markets,” according to CNBC.
The company disclosed in a Securities and Exchange Commission (SEC) filing last week.
It stated that the holder of a warrant had exercised its right to buy $100 million worth of shares.
George Soros’ investment confirmed
Mr. Byrne confirmed a large proportion of the investment would fund the company’s blockchain work.
Of the $100 million Byrne’s company received, the CEO said he anticipates $20m will be used for DeSoto Inc, the blockchain property rights joint venture.
The two arms of Overstock.com plan to work more closely in the future, according to Mr. Bryne, saying:
“Maybe it’s about time we stop seeing Overstock as two separate businesses.
“Our retail platform had 40 million unique people come to it last month.
“So as we’re developing these blockchain applications, these blockchain companies, the retail business is an extremely valuable retail business to have in terms of bringing awareness and traffic to the blockchain properties that we anticipate developing.”