Soros Fund Management, the private financier of billionaire George Soros, began trading Bitcoin (BTC). As reported by the US media, it is a business strategy of the firm to explore a greater range of digital assets, so the leading cryptocurrency would not be the only target.
The portal TheStreet announced yesterday that the CIO of the financial company, Dawn Fitzpatrick, authorized the firm to trade with Bitcoin and other cryptocurrencies. Both the entrepreneur and the company’s team have been working on studies and analysis on the market for a few months, and finally they decided to enter.
From Soros Fund Management they have not yet made public statements on the matter, so it is not clear if it would be a new crypto service or an investment by the company. Regardless, the financial giant’s foray into the market would be a further boost for global adoption, although not so much for the price of BTC.
In the mid-1990s, Soros himself was criticized for shorting the British pound and making a significant personal profit. In light of recent events in the crypto market, his background brings him closer to the figure of a financial speculator than a true hodler.
Finally, it should be noted that, at the end of March this year, the financial company recognized its intentions to invest in digital infrastructure. Fitzpatrick stated at the time that he does not believe that BTC is a currency. “It is a commodity. But it is a product that can be easily stored and transferred,” said the CIO in dialogue with Bloomberg. At that time BTC was trading above USD 50K and the businesswoman remarked that it was “at a turning point.”