According to reports, the Hungarian-born American billionaire investor George Soros’ investment firm is actively trading bitcoin investment products. According to unnamed sources, Soros Fund Management’s chief investment officer (CIO) Dawn Fitzpatrick approved bitcoin trading.
According to reports, Soros Fund Management has given the go-ahead to trade bitcoin.
George Soros’ investment fund and its CIO Dawn Fitzpatrick at the end of March. Fitzpatrick stated at the time that central bank digital currencies (CBDCs) represent a “threat” to bitcoin (BTC), but that she does not believe CBDCs will “permanently destabilize bitcoin.”
Fitzpatrick has now permitted the Soros investment fund to trade bitcoin products, according to a report from unnamed sources speaking with the news website thestreet.com.
According to two individuals, CIO Dawn Fitzpatrick has granted “the internal green-light to actively trade bitcoin,” according to the reporter Michael Bodley. The sources also said that Soros Fund Management is looking into various sorts of digital currency investment vehicles, according to Bodley’s article.
Since 2018, there have been rumors that the billionaire’s family investment firm, Soros Fund Management, is investing in cryptocurrencies. Bloomberg reported in the first week of April 2018 that Adam Fisher, an investor at Soros Fund Management, has acquired approval to trade crypto assets.
George Soros spoke about bitcoin and crypto assets at the 2018 World Economic Forum in Davos, Switzerland, months before the rumor. “Well, cryptocurrency is a misnomer, and it’s a standard bubble that is always founded on some type of misunderstanding,” Soros remarked at the event. Soros went on to say:
Bitcoin is not a kind of money. The purpose of a currency is to serve as a reliable store of value. A currency that can change by 25% in a single day couldn’t be used to pay salaries, for example, because wages can plummet by 25% in a single day. As a result, it’s only a guess based on a misunderstanding.
We don’t know if Soros’ views on bitcoin and cryptocurrencies have changed, but in 2021, the public learned that Soros Fund Management had joined New York Life and Morgan Stanley in investing in NYDIG, a bitcoin-focused investment firm.
The fund’s CIO Dawn Fitzpatrick then talked positively about BTC, saying that the crypto industry is “at an inflection point,” according to the investment business. Meanwhile, George Soros is a highly controversial figure in the globe, and his past has led to widespread suspicion of him.
When the news broke that Soros Fund Management was allegedly trading bitcoin goods, the crypto forums were flooded with conspiracy theories. One user on the r/bitcoin subreddit remarked, “I don’t trust this guy, he’s a real-life super villain.”
“Soros is one of the most terrible beings on the planet… Another person remarked, “The best thing we can do is buy more BTC so he can get less.”