- Bitcoin is seen as a hedge of inflation, said Fitzpatrick, CEO of Soros Fund. “I think it’s over the mainstream,” he told Bloomberg in an interview.
- Fitzpatrick further revealed that he has “some coins” in his fund but not many.
- Soros Fund CEOs and CIOs share that inflation and real negative interest rates are encouraging people to deposit their funds in cash and prepare for a market crash and do the same.
Don Fitzpatrick, CEO and Chief Investment Officer of Soros Fund, a private investment management firm in the United States, has joined management under more than িয়ন 1 billion in assets (AUM). Bloomberg For an interview on 5 October to discuss market outlook, inflation and Bitcoin.
“Bitcoin is at 50,000 50,000 and I think it’s a really interesting thing, I’m not sure that Bitcoin is seen here as just an inflation hedge,” Fitzpatrick said. Bloomberg Eric Shatzkar at the Bloomberg Invest Global Summit.
Fitzpatrick further revealed that he had “some coins” in his fund, but it was not clear if he was talking about bitcoin. In his view, Bitcoin has many users worldwide and is not only seen as an inflation hedge, contrary to the views of some mainstream investors like Paul Tudor Jones.
“I think it has crossed the mainstream barrier,” Fitzpatrick said.
The CEO and CIO of Soros Fund continued, saying cryptocurrencies have become a huge market.
“The market cap of cryptocurrency is now over ২ 2 trillion,” he said. “There are over 200 million users worldwide, so I think it’s gone mainstream.”
Asked about the current market strategy of his fund, Fitzpatrick said that with high inflation, coupled with low interest rates, Soros Fund is leading to take some profits and take a stand against some securities for cash savings. In his view, a market crash is coming.
“I think we’ve all been surprised for so long [high inflation] It seems to be coming to an end now, “he said, but it is reasonable to say that most Bitcoiners were not too surprised.
“A lot of it is supply-side inflation, and it’s not clear that financial instruments really deal well with supply-side inflation. I think the risks are that it can be self-reinforcing,” Fitzpatrick said.
In a world of quantitative easing and high inflation that reduces purchasing power, Bitcoin comes to the rescue. Peer-to-peer electronic currency networks allow anyone to save and transact in currency that cannot be abused or confiscated.
Many high-profile economists and investors still do not understand this reality, which indicates that we are still in the early stages. Be sure to enjoy low prices before starting corporate FOMO.