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Soros Fund Management, the asset management company founded by billionaire investor George Soros, has made investments in Bitcoin and believes that the top cryptocurrency is not just an inflation hedge.
Chief Executive Officer and Chief Investment Officer, Dawn Fitzpatrick spoke to Bloomberg on Tuesday where she revealed that from the asset management perspective, Bitcoin “has gone mainstream”
Being the first person to hold the CEO and CIO titles simultaneously, Fitzpatrick spoke about inflation. She noted:
“If you watched gold in September, it was down 5% so I think the fear of the debasing of the U.S. dollar has receded to a degree. The IMF just came out with kind of reserve currency balances and the U.S. dollar has stopped losing ground.”
Commenting on the most recent surge of Bitcoin above $50,000, the CEO said:
“I am not sure bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users around the world. So, I think this has gone mainstream from our perspective.”
Fitzpatrick then shared that the Fund has invested in Bitcoin:
“We own some coins but not a lot, and the coins themselves are less interesting than the use cases of DeFi and things like that.”
In July, it was rumored that the asset manager had already started trading Bitcoin and other cryptocurrencies. Prior to that, in March, the Soros Fund Management Chief Executive had said that Bitcoin and other cryptocurrencies are at an “inflection point”, which was partly due to the increased money supply in the U.S.
She further said that Bitcoin is “interesting” and no longer a “fringe asset” and that therefore the Soros Fund Management is investing in cryptocurrency infrastructure.
At the time of writing, Bitcoin is moving hands at $53,834, according to CoinMarketCap data.