Well-known American financier and philanthropist, George Soros, starts trading with bitcoin, informs financial portal The Street referring to two independent sources from the nearby Soros area. They claim that the billionaire has given the green light in recent weeks to buy the most famous cryptocurrency of one of his companies.
Specifically, it is Soros’ family business Soros Fund Management, which in the past operated as a hedge fund and is currently headed by investment banker and hedge fund manager Dawn Fitzpatrick. According to sources, Fitzpatrick was supposed to sanctify the purchase of bitcoin in recent weeks, but at the same time the company’s trading in other cryptocurrencies is not ruled out.
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Soros Fund Management did not comment on the information despite the increased media interest, but sources say that the investment director should have recently closely monitored digital assets and events in the world of cryptocurrencies with her team, while in March this year in an interview for Bloomberg confirmed that Soros’ company had invested in the infrastructure of several companies close to cryptocurrencies, including stock exchanges and asset managers.
Although it called similar investments “marginal” at the time, Soros Investment Fund and Morgan Stanley and others jointly invested $ 200 million in NYDIG, a leading provider of bitcoin technology and financial services.
As early as 2018, the well-known financier and popular figure of conspiracy theories called bitcoin a “typical financial bubble.” This happened at the World Economic Forum in Davos, when the growth of the digital cryptocurrency at the time was justified by the billionaire with a huge influx of investment from dictatorial regimes that are trying to build a nest abroad.
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Soros also explained that bitcoin as a currency can never work in practice due to high volatility. “Bitcoin is not a currency because the currency is considered a stable store of value and the exchange rate cannot change by 25% per day. For example, Bitcoin cannot be applied to salaries because salaries cannot be reduced by 25% per day, “Said the billionaire.
However, it was already known at the time that, despite criticism of bitcoin, Soros did not oppose investment in blockchain companies and their infrastructures.