Soros Fund Management, founded by billionaire investor George Soros, has invested in Bitcoin. Bitcoin is not just an inflation hedge: “I think it has overcome instability in the mainstream,” said the CEO of the asset management firm.
The CEO of Soros Fund Management says Bitcoin has gone mainstream
Asset management firm Soros Fund Management, founded by billionaire investor George Soros, has invested in Bitcoin, the fund’s chief executive Don Fitzpatrick said in an interview with Bloomberg on Tuesday.
Fitzpatrick is both CEO and Chief Investment Officer (CIO) of Soros Fund Management. He is the first person to hold both titles.
Discussing inflation, he said, “If you look at gold in September, it was 5% lower, so I think the risk of the US dollar depreciating is somewhat reduced.” In addition, he noted, “the IMF has just rebalanced the reserve currency and the US dollar has stopped losing ground.”
Still, Bitcoin is trading above $ 50K. Commenting on the rapid rise in BTC prices, Fitzpatrick commented:
I’m not sure that Bitcoin is only seen here as an inflation hedge. I think it has crossed the mainstream barrier. The market cap of cryptocurrency is now more than ট্র 2 trillion. There are 200 million users worldwide. So, I think it has gone mainstream from our point of view.
The CEO of Soros Fund Management further revealed:
We own some coins but not many, and the coins are less interesting in the use of diff [decentralized finance] And something like that.
In March, Fitzpatrick said the central bank’s digital currency (CBDCs) was “a potential threat to Bitcoin and other cryptocurrencies.” However, he said the threat would be “temporary,” insisting, “I don’t think they will succeed in destabilizing Bitcoin permanently.”
At the time of writing, Bitcoin is trading at 53 53,982.51 and has a market cap of about 2 1.2 trillion.
What do you think about the fact that Bitcoin has gone mainstream, says the CEO of Soros Fund Management? Let us know in the comments section below.
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