Reports Suggest George Soros’ Investment Fund is Trading Bitcoin
Soros Fund Management, the private investment firm of billionaire George Soros is reportedly trading Bitcoin with a view to expanding into other crypto assets.
Dawn Fitzpatrick, the CIO of Soros Fund Management who said crypto was at an “inflection point” earlier this year, approved the trading of Bitcoin and possibly other cryptocurrencies.
Financial news website TheStreet reported that “people familiar with the matter,” speaking on condition of anonymity, stated that Fitzpatrick and her team have been exploring crypto assets for some time. The latest venture is “more than just kicking the tires” on cryptocurrencies, it added.
Soros Fund Management is a private American investment management firm that is currently structured as a family office but formerly as a hedge fund. It is considered to be one of the most profitable firms in the U.S., with an annual return of over 20% over the past four decades.
Industry expert Anthony Pompliano suggested that it could be either positive or negative depending on how they trade it. Whales such as Soros shorting the asset and manipulating markets would not be a good outcome overall. The billionaire has a history of breaking markets by aggressively shorting them.
Big Names Into Bitcoin
In March, New York Digital Investment Group (NYDIG), the firm that facilitated a $100 million Bitcoin purchase in 2020, raised $200 million from a number of big-name investors, including the Soros Fund Management.
