Billionaire financier George Soros’s investment fund is trading Bitcoin as cryptocurrencies increasingly pad traditional investment portfolios.
Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said that the fund, which has been running for five decades, holds the cryptocurrency, but it isn’t heavily invested in the digital asset.
“We own some coins, not a lot,” CEO Dawn Fitzpatrick told Bloomberg. “The coins themselves are less interesting than the use cases of DeFi and things like that.”
“I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick added. “I think it’s crossed the chasm to mainstream.”
Bitcoin and other cryptocurrencies have largely rebounded from losses over the spring and summer when their value slid due to regulatory jitters. Financial firms have been taking notice of the asset, which some economists have derided as a bubble.
This week, the price of Bitcoin vaulted above $50,000 after Bank of America strategists said the cryptocurrency sector is “too large to ignore.”
“We believe crypto-based digital assets could form an entirely new asset class,” they said. The remarks come about three months after the major bank formed a cryptocurrency team focused on researching the digital assets.
JPMorgan has also begun offering its wealth management clients cryptocurrency fund support and Citigroup launched a cryptocurrency and blockchain business unit.
Bitcoin’s standing in the financial world was also bolstered when El Salvador became the first country in the world to make the digital asset a national currency, with President Nayib Bukele rolling out hundreds of Bitcoin ATMs and a wallet for his country’s users. Bukele also recently announced that El Salvador is harvesting the power of volcanoes to mine the coins.
As of Thursday, the price of Bitcoin was hovering around $55,000 — its highest level since peaking at record levels of more than $63,000 in April. Just this week alone, Bitcoin has increased from $43,000 to its current high.
Other digital assets have followed Bitcoin and are also up. Ethereum is resting at about $3,600, Ripple is at $1.08, and Cardano is trading at $2.31.
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Original Author: Zachary Halaschak
Original Location: George Soros fund is trading Bitcoin, CEO reveals