George Soros set to invest in cryptocurrency, report says

Nathan Bomey | USA TODAY

Show Caption Hide Caption Betting big on Bitcoin may have backfired Here’s how much you could have lost.

George Soros has apparently had a change of heart about cryptocurrency after previously bashing it.

The billionaire investor's family fund is set to begin investing in virtual currency, according to a Bloomberg report Friday.

Soros Fund Management investor Adam Fisher reportedly received approval to make the move into cryptocurrencies but hasn't yet authorized an investment.

The move comes after Soros told journalists in January at the World Economic Forum that "cryptocurrency is a typical bubble" and "it is not a currency," according to the Financial Times.

He also said cryptocurrencies such as Bitcoin could offer corrupt foreign rulers to "build a nest egg abroad" to hide assets.

Frenetic trading activity and public interest caused the price of Bitcoin to soar to above $19,000 in December, but it's since plunged to below $7,000.

More: Bitcoin, other digital currencies suffer another big drop as risks rise

More: Bitcoin plunges on regulator caution to investors about 'potentially unlawful' platforms

More: Bitcoin bubble could be a billion-dollar problem for banks

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.