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CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin

Billionaire George Soros’ funding fund has had its eye on bitcoin for some time now. Bitcoinist had reported in July that the fund was trying to begin buying and selling bitcoin. It wouldn’t be the primary time the corporate was stepping into the crypto market however it is the primary time that the fund has traded within the digital asset instantly. Bitcoin was on the prime of its checklist. However, the fund had its eye on different crypto-assets within the house.

Soros Fund CEO Dawn Fitzpatrick has now confirmed that the funding agency had certainly begun buying and selling in cryptocurrencies. Speaking on Bloomberg Live, Fitzpatrick mentioned that the Soros Fund had invested in some cryptocurrencies. Apparently, the fund had purchased some cash previously month, however Fitzpatrick defined that the fund didn’t personal a whole lot of cryptos. “We own some coins. Not a lot.” Fitzpatrick mentioned.

Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs?

The CEO’s fund had truly began trying into the cryptocurrency marketplace for over two years. The following years have seen the fund spend money on crypto infrastructure corporations like exchanges and custodians. The household workplace had participated in an funding spherical that had raised $200 million for New York Digital Investment Group.

It wasn’t till the bull rally of 2021 that the fund had confirmed that it was trying to begin buying and selling in bitcoin. It was not revealed what cryptocurrencies the fund held in its custody however it is confirmed that the agency is buying and selling bitcoin.

Bitcoin price chart from TradingView.com

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

Hedging With Bitcoin

Bitcoin is usually used as a hedge towards inflation. Investors have turned to the digital asset due to its year-over-year progress in contrast to the present inflation price. Fitzpatrick acknowledged that the crypto might be used as an inflation hedge, however thinks that the asset has grown past simply this use case. “I’m not sure Bitcoin is only viewed as an inflation hedge here,” Fitzpatrick mentioned. “I think it’s crossed the chasm to mainstream.”

Another attention-grabbing level from the CEO was the utility of the decentralized finance house. While the fund itself owns some cash, Fitzpatrick says that what is actually attention-grabbing are use circumstances like decentralized finance (DeFi). The functions of crypto and blockchain expertise have gone simply past buying and selling in cash. It is now a automobile for incomes passive earnings for lots of buyers.

Related Reading | Bitcoin Inflows Shows Institutional Investors Are Back On The Bull Train

Furthermore, Fitzpatrick added, with the present valuation of the crypto market, the fund didn’t imagine that bitcoin will be relegated to the background anymore. If something, crypto is now mainstream.

“Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users around the world, so I think this has gone mainstream from our perspective.”

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

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