Learn Crypto
Market Research
Market Analysis
Market Notes
Ratings Guide
Join Community
Help
Investment firms are increasingly seeking exposure to Bitcoin and other cryptocurrencies.
Soros Fund Management is investing in cryptocurrencies
The CEO of the investment firm of the legendary hedge fund manager George Soros has revealed that they are liquidating some stocks and increasing their exposure to cryptocurrencies. Soros Fund Management has been active in the crypto space since 2018 and intends to expand its presence in the coming months and years.
CEO Dawn Fitzpatrick stated that “We own some coins – not a lot. The coins themselves are less interesting than the use cases of DeFi and things like that.” While speaking at the Bloomberg summit yesterday, she stated that cryptocurrencies have gone mainstream.
The investment in cryptocurrencies comes after the fund sold some of its stocks. The CEO said that after putting $5 billion to work in March 2020 amid the market turmoil caused by the Covid-19 pandemic, she had rebuilt the firm’s cash buffer. She has been selling, adding that if there were a crisis today, the firm could put another $5 billion to work “in pretty short order.”
Dawn Fitzpatrick has been bullish about cryptocurrencies for a long time. In March, she stated that Bitcoin is no longer a fringe asset as it has gained widespread adoption globally. At the time, she said the inflation of the United States dollar helped in making Bitcoin a stronger asset.
The traditional financial industry is entering the crypto space
The broader traditional financial industry is starting to recognize the potentials of cryptocurrencies and embracing them. Yesterday, US Bank became the latest traditional bank to provide Bitcoin custody solutions to its institutional clients. More financial institutions are expected to enter the crypto space in the coming months and years.
Post a Comment