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George Soros’ private investment firm is getting ready to enter Bitcoin (BTC) trading. Soros Fund Management traders are now reportedly given the go signal to actively trade Bitcoin and other cryptos as part of the firm’s exploration of digital assets.
Soros Fund Management chief investment officer Dawn Fitzpatrick gave the “internal green light to actively trade Bitcoin and perhaps other cryptocurrencies,” TheStreet.com reported citing two unnamed persons familiar with the matter as its source. The publication contacted a company spokesperson who declined to comment on the matter.
The sources, who spoke on condition of anonymity, revealed that Fitzpatrick and her team have already been exploring crypto for some time now. The firm’s foray into BTC trading is “more than just kicking the tires” on crypto assets, according to Cointelegraph.
Soros Fund Management is reportedly interested in acquiring a private stake in several blockchain-based firms. Sources said that Fitzpatrick has been in talks with these enterprises but the names of the companies were not revealed.
The investment firm has previously participated in New York Digital Investment Group’s (NYDIG) funding round. Other participants include Stone Ridge Holdings Group, Morgan Stanley, and MassMutual.
However, George Soros's entry into the Bitcoin market might not be necessarily bullish. After all, Soros is best known for shorting the British pound and making a single-day gain of $1 billion on Sept. 16, 1992, earning him the moniker “The man who broke the Bank of England.”
But Fitzpatrick positively spoke of the crypto in recent months. “We think the whole infrastructure around crypto is really interesting, and we’ve been making some investments into that infrastructure—and we think that is at an inflection point,” Fitzpatrick told Bloomberg in March.
She also believes that CBDC could temporarily threaten the adoption of Bitcoin and other cryptos. “I think it is a real threat, but I think it will be temporary,” Fitzpatrick added. “I don't think they'll be successful in permanently destabilizing bitcoin.”
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