Soros Fund CEO confirms rumors of crypto holdings
Amongst several reasons that Bitcoin has been seeing the light of the day, Dawn Fitzpatrick, CEO of Soros Fund Management, confirmed rumors that the popular family office also holds Bitcoin.
The news has bolted Bitcoin right out of its recovery shell, taking its price surging above $55,000, a value not seen since the market crashed in mid-May.
Speculative reports regarding the billionaire’s investment in Bitcoin emerged in July, however, the news wasn’t confirmed until Tuesday.
Fitzpatrick, CIO and CEO of the investment, appeared in an interview at the Bloomberg Invest Global Summit late Tuesday where she talked about the current state of the US economy and inflation.
While talking about the long-term potential of Bitcoin, the CEO commented:
“I’m not sure bitcoin is only viewed as an inflation hedge. Here I think it’s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users around the world, so I think this has gone mainstream.”
Afterward, Fitzpatrick went on to confirm that the investment firm indeed holds crypto assets on its balance sheet. She confirmed:
“From our perspective again, we own some coins, not a lot, and the coins themselves are less interesting than the use cases of DeFi and things like that.”
Although this is the first time that Soros Fund has confirmed crypto holdings, it has been investing in cryptocurrency-related companies for quite some time.
In March 2021, participated in NYDIG’s $ 200 million funding round along with Morgan Stanley and MassMutual. It is also an investor in Lukka, a US cryptocurrency data solution company.
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