Key Takeaways:
- George Soros is now involved in cryptocurrencies through his fund, Soros Fund Management
- The bitcoin investment echoes that of his former partner, Stanley Druckenmiller
George Soros’ Fund Owns Bitcoin, Says CEO Fitzpatrick
The investment fund of George Soros has invested in bitcoin, CEO Dawn Fitzpatrick confirmed. Speaking to Bloomberg in an interview, Ms. Fitzpatrick noted that the family office of Mr. Soros owns the original cryptocurrency.
Soros Fund Management, as the firm is called, owns “some coins… but not a lot,” said Ms. Fitzpatrick referring to a bitcoin investment. Soros’ fund, famous for its bets on currencies like the British pound, is the latest of institutional investors to join the crypto industry.
“I’m not sure bitcoin is only viewed as an inflation hedge here,” Ms. Fitzpatrick said. “I think it’s crossed the chasm to mainstream,” she added in the interview with Bloomberg.
Furthermore, Ms. Fitzpatrick discussed how bitcoin and cryptocurrencies are becoming more popular with time. She addressed the growing user base, which now amounts to more than 200 million. In addition, Ms. Fitzpatrick highlighted the swiftly growing capitalization of the cryptocurrency market. On that note, the fast-developing industry is now worth over $2tn.
A Brief History on George Soros
For some background, the firm founded by George Soros was initially a hedge fund. A few years ago, it was converted to a family office. In other words, it manages only Mr. Soros’ fortune which shrank to about $8bn after he moved roughly $24bn to his foundation, Open Society.
George Soros, a famous trader and investor, has been active since the 1960s when hedge funds were just starting off. To that end, Mr. Soros is regarded as one of the most successful hedge fund managers. He is also a currency speculator and a stock market investor.
He was also working for about 10 years with Stanley Druckenmiller, a prominent bitcoin supporter who also owns bitcoin through his family office, Duquesne Capital.