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- Soros investment fund trading bitcoin
- Bitcoin market is too big to ignore
- Fitzpatrick remarks that the company have some coins
The famed hedge fund manager George Soros’ investment business has acknowledged that the fund is trading bitcoin. CEO Dawn Fitzpatrick remarked, the company possesses some coins – not a lot. The coins themselves are less fascinating than DeFi and other similar use cases.
Since 2018, Soros Fund Management has been considering investing in cryptocurrencies. In July, rumors surfaced that the family office of the billionaire investor had begun trading bitcoin.
Fitzpatrick, who is also the CEO of Soros. He said that the world’s largest digital asset by market capitalization is more than an inflation hedge.
Bitcoin market size increasing
The broader financial industry has begun to recognize the possibilities of cryptocurrencies and the underlying technologies.
Bank of America analysts began covering digital assets earlier this week, claiming that the market is too big to ignore.
The latest bank to introduce cryptocurrency-related offerings in the form of a custody service was US Bank. JPMorgan Chase granted access to crypto funds to all of its wealth management clients in July. Following Goldman Sachs’ lead in May, Citigroup stated it is exploring trading bitcoin futures a month later.
John Wu, president of Ava Labs, the company behind altcoin avalanche, is more interested in expanding the crypto space’s potential and complying with rules until clarity is achieved.
Bitcoin back in action
Following news that the investment business created by billionaire George Soros owned bitcoin, the price of the world’s most expensive cryptocurrency jumped about 10% to around $55,000 on Wednesday morning.
Soros, who is known for gaining large sums of money by investing in traditional currencies, has been trading BTC for the past few months. The reports of which surfaced in March 2021.
BTC- a top contender
Despite concerns about a crackdown in China and the likelihood of harsher laws in the United States, Bitcoin, and other cryptos have risen strongly this year. This is due to reasons such as rising interest rates and larger financial organizations investing in digital currencies.
The total value of all bitcoins in circulation has risen past $1 trillion, surpassing the market capitalization of Facebook (FB). And the total value of all cryptocurrencies in circulation is $2.3 trillion, which is equal to the market capitalization of the most valuable stock: Apple (AAPL).
El Salvador was the first country to recognize bitcoin as legal money. Bitcoin supporters say that inflationary pressures and rising bond yields will favour the cryptocurrency in the short term, as government-backed paper currencies such as the dollar, euro, and yen lose purchasing power when rates increase.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
