- Don Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said in an interview at a Businesshala event this week, “The family office has “a few coins … but not a lot.”
- “I am not sure that bitcoin is seen here as merely an inflation hedge,” Fitzpatrick said. “I think it has crossed the mainstream.”
- Fitzpatrick explained how the cryptocurrency with over 200 million users now has a market cap of over $2 trillion.
Soros Fund Management, the asset management firm founded by billionaire investor and philanthropist George Soros, has revealed that it owns the cryptocurrency bitcoin.
Don Fitzpatrick, CEO and chief investment officer of Soros Fund Management, said the family office has “a few coins … but not a lot”. in an interview This week at a Businesshala event.
Soros Fund Management, which is famous for making big profits on traditional currency investments, did not immediately respond to a Businesshala request for comment, when asked how many bitcoins he has and when he bought them.
“I am not sure that bitcoin is seen here as merely an inflation hedge,” Fitzpatrick said. “I think it has crossed the mainstream.”
Fitzpatrick explained how the cryptocurrency with over 200 million users now has a market cap of over $2 trillion.
The price of bitcoin, the world’s most popular cryptocurrency, is up 10% from $50,000 on Tuesday to more than $55,000 on Wednesday. It was trading at $54,726 at around 4 a.m. ET on Thursday.
A week ago the price of a bitcoin was around $43,000, while at the beginning of the year one bitcoin could be bought for around $29,000.
The latest bitcoin rally comes despite the continued threat of regulatory action from governments around the world and concerns about its huge environmental footprint.
US regulatory fears eased this week, with Treasury Secretary Janet Yellen and SEC Chair Gary Gensler both saying they have no plans to ban cryptocurrency trading.
“This recent rally is in contrast to a period of high inflation and slow economic growth with assets such as stocks, bonds and gold,” Freddie Evans, a sales trader at UK-based digital asset broker GlobalBlock, said in a statement. Wednesday.
“This may be a repetition of history following the recent Chinese ban on bitcoin advance crypto activities,” he said.
Bitcoin isn’t the only cryptocurrency to grow this year. Elsewhere, the price of ether more than tripled from about $1,000 per coin at the start of the year, to more than $3,000 per coin on Thursday.
According to a Bank of America fund manager survey published in April, most professional investors think bitcoin is just a bubble.
Nearly 74% of those who responded to a closely watched market gauge said they view the leading cryptocurrency as a bubble. Just 16% said no to this question, indicating that they view bitcoin on a highly speculative basis.