George Soros’ Fund Holds Bitcoin, CEO Says Cryptocurrency Has Become Mainstream –

Soros Fund Management, founded by billionaire George Soros, has invested in Bitcoin. The asset management firm's CEO says Bitcoin isn't just an inflation hedge: "I think it's crossed the gap into the mainstream."

Soros Fund Management CEO says Bitcoin has gone mainstream

Soros Fund Management, the asset management firm founded by billionaire George Soros, has invested in Bitcoin, the fund's CEO Dawn Fitzpatrick announced in an interview with Bloomberg published on Tuesday.

Fitzpatrick is both CEO and Chief Investment Officer (CIO) of Soros Fund Management. She is the first person to hold both titles.

Regarding inflation, she said: "If you watched gold in September, it was down 5%, so I think the fear of a devaluation of the US dollar has subsided to some extent." Additionally, she noted, “The IMF just released some sort of reserve currency balance and the U.S. dollar has stopped losing ground.”

Nonetheless, Bitcoin is trading above $50,000. Comment on the rapid price rise of BTC, Fitzpatrick said:

I'm not sure if Bitcoin is viewed here as just an inflation hedge. I think it has crossed the precipice into mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There are 200 million users around the world. I think it's become mainstream from our perspective.

The CEO of Soros Fund Management further announced:

We own some coins, but not many, and the coins themselves are less interesting than the defi [decentralized finance] use cases and stuff like that.

In March, Fitzpatrick called that central bank digital currencies (CBDCs) “are a potential threat to Bitcoin and other cryptocurrencies.” However, she said the threat “will be temporary” and stressed: “I don’t think they will succeed in permanently destabilizing Bitcoin.”

At the time of writing, Bitcoin is trading at $53,982.51 and its market cap is approximately $1.2 trillion.

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