Being old, but a billionaire, of course you’ll invest in the next generation known as Bitcoin.
Soros Fund Management, founded by billionaire investor George Soros (aged 91) has invested in the cryptocurrency. The chief executive officer of the firm that manages wealth declares that Bitcoin isn’t just an inflation hedge “I think it has crossed the gap to mainstream.”
Billionaire Buys Bitcoin
The wealth management firm established by billionaire financier George Soros has invested in Bitcoin the fund’s chief executive, Dawn Fitzpatrick, revealed in an interview with Bloomberg that was published on Tuesday. Fitzpatrick is the Chief Executive Officer (CEO) and the Chief Investment Officer (CIO) for Soros Fund Management. She is the only person to hold both titles.
Concerning inflation, she noted, “If you looked at gold in September, it was down 5%, so I think the fear of the US dollar depreciation has subsided to some extent.” Additionally, she said, “The IMF just came up with some sort of reserve currency balances and the US dollar is no longer losing ground.” However, Bitcoin (BTC) is trading at or above $50K. Speaking about the rapid increase in BTC’s value, Fitzpatrick opined:
I’m not certain I’m not sure if Bitcoin is simply thought of as an inflation hedge in this country. I’m sure it’s gone beyond mainstream. The cryptocurrency market now has a worth of more than $2 trillion. There are over 200 million users across the globe. This means that I believe it is becoming to the forefront from our point of view.
The billionaire then purchases Bitcoins. The fund holds Bitcoins however, not much. On March 1, Fitzpatrick stated that central digital currencies in banks (CBDCs) “pose a potential threat to Bitcoin and other cryptocurrencies.” However she claimed that the threat is “temporary”, stressing, “I don’t think they will be successful in permanently destabilizing Bitcoin.”