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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin

Best Owie
Best Owie
3 years ago
3 mins read
Picture of a gold bitcoin showing the front and back of the coin

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Billionaire George Soros’ investment fund has had its eye on bitcoin for a while now. Bitcoinist had reported in July that the fund was looking to start trading bitcoin. It would not be the first time the company was getting into the crypto market but it is the first time that the fund has traded in the digital asset directly. Bitcoin was at the top of its list. However, the fund had its eye on other crypto-assets in the space.

Soros Fund CEO Dawn Fitzpatrick has now confirmed that the investment firm had indeed begun trading in cryptocurrencies. Speaking on Bloomberg Live, Fitzpatrick said that the Soros Fund had invested in some cryptocurrencies. Apparently, the fund had bought some coins in the past month, but Fitzpatrick explained that the fund did not own a lot of cryptos. “We own some coins. Not a lot.” Fitzpatrick said.

Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs?

The CEO’s fund had actually started looking into the cryptocurrency market for over two years. The following years have seen the fund invest in crypto infrastructure companies like exchanges and custodians. The family office had participated in an investment round that had raised $200 million for New York Digital Investment Group.

It wasn’t until the bull rally of 2021 that the fund had confirmed that it was looking to start trading in bitcoin. It was not revealed what cryptocurrencies the fund held in its custody but it is confirmed that the firm is trading bitcoin.

Bitcoin price chart from TradingView.com

BTC price trailing $54K | Source: BTCUSD on TradingView.com

Hedging With Bitcoin

Bitcoin is often used as a hedge against inflation. Investors have turned to the digital asset due to its year-over-year growth compared to the current inflation rate. Fitzpatrick acknowledged that the crypto could be used as an inflation hedge, but thinks that the asset has grown beyond just this use case. “I’m not sure Bitcoin is only viewed as an inflation hedge here,” Fitzpatrick said. “I think it’s crossed the chasm to mainstream.”

Another interesting point from the CEO was the utility of the decentralized finance space. While the fund itself owns some coins, Fitzpatrick says that what is really interesting are use cases like decentralized finance (DeFi). The applications of crypto and blockchain technology have gone just beyond trading in coins. It is now a vehicle for earning passive income for a lot of investors.

Related Reading | Bitcoin Inflows Shows Institutional Investors Are Back On The Bull Train

Furthermore, Fitzpatrick added, with the current valuation of the crypto market, the fund did not believe that bitcoin can be relegated to the background anymore. If anything, crypto is now 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 from our perspective.”

Featured image from Corporate Finance Institute, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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