Cryptocurrencies

Soros DOES have crypto, says Dawn Fitzpatrick

CEO and chief investment officer of Soros Fund Management, Dawn Fitzpatrick, has confirmed the firm holds cryptocurrencies.

“The family office owns some coins … but not a lot,” Fitzpatrick said, adding she doesn’t think Bitcoin is purely seen as an inflation hedge.

“I think it’s crossed the chasm to the mainstream.”

Fitzpatrick went on to explain the reasons for the Fund’s investing saying that, right now, cryptocurrencies have a market value bigger than $2 trillion, with more than 200 million users.

She’s also on record as saying the family office finds the whole infrastructure around crypto “really interesting”.

“We think that it is at an inflection point,” she explained.

What is known is that, in March this year, Soros Fund Management invested in crypto data provider Lukka and Bitcoin financial services company NYDIG.

“When it comes to crypto generally, I think we’re at a really important moment in time,” she added.

“Something like Bitcoin might have stayed a fringe asset but for the fact that we’ve increased money supply in the US by 25%.”

Bitcoin as a hedge against inflation

US regulatory fears have been softened after both Treasury Secretary Janet Yellen and SEC Chair Gary Gensler confirmed they have no plans to impose restrictions on cryptocurrency trading.

Freddie Evans, a sales trader at the UK-based digital asset broker GlobalBlock said that the recent rally contrasts the stock market with assets like stocks, bonds and gold having a period of angst over high inflation and slowing economic growth.

“This recent Bitcoin advance could be the repeat of history following the Chinese ban on crypto activities,” said Evans.

Gunjan Kedia, vice-chair of US Bank Wealth Management and Investment Services believes investor interest in cryptocurrency and demand from fund services clients have grown strongly over the last few years.

“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency,” he said.

Teuta Franjkovic

Starting out as a staff writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing daily newspapers and websites in the IT and economics industries. With a passion for creating opportunities and bringing people together, Teuta turned her attention to the world of crypto and blockchain. She holds a double MA in Public Politics and Entrepreneurship.

Disqus Comments Loading...

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

5 hours ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

4 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago