CRYPTO

The CEO of Soros Fund Management has confirmed that the family office has been invested in Bitcoin


The investment fund of billionaire George Soros has been keeping an eye on Bitcoin for some time. Bitcoinist reported in July that the fund wanted to start bitcoin trading. This will not be the first time the company has entered the crypto market but it is the first time the fund has traded directly in digital assets. Bitcoin was at the top of his list. However, the fund kept an eye on other crypto-assets in space.

Don Fitzpatrick, CEO of Soros Fund, has now confirmed that the investment firm has indeed started trading in cryptocurrency. Speaking on Bloomberg Live, Fitzpatrick said the Soros Fund has invested in some cryptocurrencies. Apparently, the fund bought some coins last month, but Fitzpatrick explained that the fund doesn’t have a lot of crypto. “We own some coins. Not much, “said Fitzpatrick.

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The CEO’s fund actually began exploring the cryptocurrency market for more than two years. Subsequent years have seen funds invest in crypto infrastructure companies like exchanges and custodians. The Family Office participated in an investment round that raised 200 million for the New York Digital Investment Group.

It wasn’t until the 2021 bull rally that the fund confirmed that it wanted to start trading in Bitcoin. It is unknown at this time what he will do after leaving the post.

BTC price trailing $54K | Source: BTCUSD on TradingView.com

Hedging with bitcoin

Bitcoin is often used as a hedge against inflation. Investors are leaning towards digital assets due to the year-on-year increase in the current inflation rate. Fitzpatrick acknowledges that crypto can be used as an inflation hedge, but thinks the resource has exceeded this usage. “I’m not sure Bitcoin is seen here as just an inflation hedge,” Fitzpatrick said. “I think it has crossed the barrier to the mainstream.”

Another interesting topic for the CEO was the usefulness of decentralized money space. Although the fund itself owns some currencies, Fitzpatrick says what is really interesting is the use of decentralized finance (DFI). Applications of crypto and blockchain technology have gone beyond coin transactions. It is now a vehicle for many investors to earn passive income.

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Fitzpatrick added that, with the current assessment of the crypto market, the fund did not believe that Bitcoin could be taken further into the background. If anything, crypto is now mainstream.

“The market cap of cryptocurrency is now over ২ 2 trillion. There are 200 million users worldwide, so I think it has gone mainstream from our perspective.

Featured image from Corporate Finance Institute, chart from TradingView.com



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