George Soros’s hedge fund has confirmed it is trading cryptocurrencies and owns “some coins.”
What Happened: Dawn Fitzpatrick, CEO of Soros Fund Management, told Bloomberg she views Bitcoin (CRYPTO: BTC) as more than an inflation hedge.
“I’m not sure Bitcoin is only viewed as an inflation hedge here. I think its crossed the chasm to the mainstream.”
Fitzpatrick said cryptocurrencies now have a combined market cap of over $2 trillion and there are more than 200 million users around the world.
“We own some coins — not a lot, but the coins themselves are less interesting than the use cases of DeFi and things like that,” she said.
Earlier this year, reports emerged that Fitzpatrick had given Soros traders an internal green light to dabble in the crypto space.
Fitzpatrick has also previously stated that she believes cryptocurrency to be an “inflection point” and was considering investing in crypto infrastructure companies such as exchanges, asset managers, custodians, and tax reporting service providers.
“When you look at gold price action, in the context of a fairly robust inflation narrative, it’s struggled to get traction, and I think it’s because Bitcoin is taking away some of its buyer base,” she added.
BTC Price Action: Bitcoin was trading at $54,704.90, down 1.16% on Thursday morning.
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