George Soros’ fund owns bitcoin, CEO confirms
October 8, 2021: -Soros Fund Management, the asset management company founded by billionaire investor and philanthropist George Soros, revealing that it owns the cryptocurrency bitcoin.
The family office was owning “some coins but not a lot,” Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said in an interview at a Bloomberg event this week.
“I’m not sure bitcoin is viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to the mainstream.”
Fitzpatrick explained how cryptocurrencies now have a market value of over $2 trillion, with over 200 million users.
On Tuesday, the price of bitcoin, the world’s popular cryptocurrency, has jumped 10% from around $50,000 to over $55,000 on Wednesday. It was trading at $54,726 at 4 a.m. ET on Thursday.
Despite the continued threat of regulatory crackdowns from governments worldwide and concerns about its enormous environmental footprint, the latest bitcoin rally comes.
This week, U.S. regulatory fears have eased after Treasury Secretary Janet Yellen and SEC Chair Gary Gensler said that they have no plans to impose restrictions on cryptocurrency trading.
“This recent rally contrasts the stock market with assets like stocks, bonds, and gold to have a period of angst over high inflation and slowing economic growth,” said Freddie Evans, a sales trader at the U.K.-based digital asset broker GlobalBlock, in a statement on Wednesday.
“This recent bitcoin advance could be the repeat of history after the Chinese ban on crypto activities,” he added.
Bitcoin is not the only cryptocurrency increasing this year. Elsewhere, ether’s price has tripled from around $1,000 a coin at the start of the year to over $3,000 on Thursday.
According to a Bank of America Fund Manager Survey published in April, most professional investors think bitcoin is just a bubble.
Some 74% of those responding to the closely watched market gauge said they see the leading cryptocurrency as a bubble. Only 16% said no to the question, which indicates the highly speculative ground they see bitcoin.
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