The chief investment officer (CIO) at Soros Fund Management, Dawn Fitzpatrick, revealed that the fund has invested in crypto. Speaking in a Bloomberg interview, Fitzpatrick said Soros has invested in crypto exchanges, asset managers, and custodians, among other aspects of the crypto market.
According to the chief investment officer, Bitcoin is a commodity rather than a currency. She added:
“We’re at a really important moment in time. Something like Bitcoin might have stayed a fringe asset but for the fact that in the last 12 months, we’ve increased the fiat money supply by 25%. So there is a real fear of debasing fiat currencies.”
Fitzpatrick noted that the gold market has been struggling and losing customers to Bitcoin. Speaking on central bank digital currencies (CBDCs), the CIO said that China’s digital yuan is positioned as a threat to Bitcoin. She added that the digital yuan would only temporarily threaten Bitcoin and is unlikely to permanently destabilize the king coin.
At press time, Bitcoin is up 4.73% to $53,884.88.
Fitzpatrick oversees $27 billion as the chief investment officer at Soros Fund Management. Over time, the Soros Fund has pulled in 20% annual returns. The company, however, invested in more volatile markets, which increased its gains to 30%.
In 2019, Soros managed a $305 million investment into SolarCity. Because of the investment SolarCity chairman, Elon Musk, acquired the company and merged it with Tesla.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
