Soros DOES have crypto, says Dawn Fitzpatrick

The investment firm of legendary hedge fund manager George Soros confirmed it does trade Bitcoin and 'other coins'

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.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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