Home News Soros’ family office confirms investment in Bitcoin

Soros’ family office confirms investment in Bitcoin

380
0

The family office of billionaire George Soros invested in Bitcoin (BTC). Soros Fund Management CEO Dawn Fitzpatrick confirmed in an interview with Bloomberg.

According to her, the company “has a few coins, a little”. Fitzpatrick called the cryptocurrency less interesting than “options for using decentralized finance (DeFi) and the like.”

“I am not sure that Bitcoin is considered only as an inflation hedge. The market capitalization of cryptocurrencies has exceeded $2 trillion with 200 million users worldwide. So, I think they have gone mainstream,” she said.

Trading the first cryptocurrency

In June 2021, the media reported that Soros Fund Management allowed clients to trade the first cryptocurrency and some other digital assets. Similar plans of the investment firm became known in 2018.

In addition to Bitcoin, a number of other digital assets were available to traders. “The infrastructure around cryptocurrencies is very interesting at the moment and Soros Fund Management is investing in it,” she said at the time.

Earlier, Fitzpatrick explained investors’ interest in Bitcoin by the pandemic and the economic crisis caused by it. According to her, the money supply in the US has increased by 25% since last year. Therefore, the current situation is a “turning point for Bitcoin”. For herself, the investment director defines Bitcoin not as a currency. But as an exchange commodity that is easy to store and transfer.

Financial bubble

George Soros himself in early 2018 called cryptocurrency a typical financial bubble. But predicted that it would not burst, unlike others.

“Usually, when we are dealing with a parabolic curve, there is a very sharp decline. But in this case, when we see the rise of [world] dictators, the outcome will be different. The rulers of these countries will turn to bitcoin to create financial reserves abroad,” George Soros said.

In his opinion, at some point Bitcoin will go into a “sideways” trend at high positions. At the same time, the 87-year-old billionaire sees a greater future for the blockchain technology underlying Bitcoin, noting that the non-profit Open Society foundation he heads is already using blockchain to help migrants secure their funds.

Previous articleBIS issues guidance on the regulation of stablecoins
Next articleBitOasis crypto exchange based in the UAE, has raised $30M to extend its operations across the Middle East and North Africa