According to reports, George Soros, the founder of hedge firm Soros Capital Management, is the latest billionaire to join the Bitcoin gold rush.
According to two individuals familiar with the issue, billionaire George Soros’ private investment firm, Soros Fund Management, allegedly trades Bitcoin as part of a wider exploration into digital assets.
Approval to trade Bitcoin
Soros Fund Management has obtained internal clearance from CIO Dawn Fitzpatrick to begin trading cryptocurrencies this June, according to State Street, which references individuals familiar with the issue. In recent weeks, Dawn Fitzpatrick, CIO of Soros Fund Management, gave the green light to trade Bitcoin and possibly other cryptocurrencies.
According to individuals familiar with the issue, Adam Fisher, who handles macro investments at New York-based Soros Fund Management, received internal permission to trade virtual currencies in the past few months, but he has yet to make a bet. A representative for the company refused to comment.
According to the people who spoke on the condition of anonymity, Dawn Fitzpatrick and her team have been studying cryptocurrencies for some time and the present project is more than simply testing the waters on digital assets.
According to the article, the family office is not simply testing the tires on digital assets, suggesting a significant investment.
George Soros and Bitcoin
In January 2018, renowned investor, George Soros, described Bitcoin as a classic bubble. His comment came just as the market was reaching the pinnacle of its last bull run.
One of Soros’ most audacious investment ideas is to invest in bubbles in their early phases, which he thinks is not irrational; when he sees a bubble developing, he rushes in to purchase, giving gasoline to the fire.
Soros famously purchased gold during a big rise in early 2010 and then stepped back before the bubble broke.
Fitzpatrick is also reported to be in negotiations to buy a private investment in a major blockchain-based company; however, the company did not reveal the names of these firms.