Soros Fund Manager: Bitcoin at the Crossroads

Dawn Fitzpatrick, CIO of Soros Fund Management, whose founder is a world-renowned businessperson and fund manager George Soros, said Bitcoin is at a turning point.

Dawn Fitzpatrick, CIO of Soros Fund Management

Fitzpatrick, who participated in a program by Bloomberg, stated that the current state of the US economy creates a turning point situation for the largest cryptocurrency. The Soros CIO also commented that Bitcoin is slowly outpacing gold.

Soros Fund Management also invests

Stating that she found the infrastructure around cryptocurrencies interesting, Fitzpatrick also informed that Soros Fund Management also has crypto money investments.

Saying that the financial situation in the world is a turning point for Bitcoin at the moment, Soros CIO showed that the reason for this is that a mass that manages its own funds has started to form and Wall Street and governments are now taking it seriously.

It could remain as a side element

Stating that if the pandemic and the current economic crisis did not exist, Bitcoin could remain as a side factor or a secondary asset, but the supply of the US dollar has increased by 25 per cent since last year, Fitzpatrick said, “There is a real fear that fiat coins will lose their value over time,” he said.

Gold is not what it used to be

Saying that she sees Bitcoin not as money, but as a commodity that is easy to store and transfer, the CIO said she found this very interesting, and even that gold does not seem like a means of protection against inflation as before.

Fitzpatrick did not want to answer as to whether she had a personal Bitcoin investment.

CBDCs cannot destabilize Bitcoin

Saying that Central Bank Digital Currencies (CBDCs) will be included in our lives sooner than expected and will be injected into the economies, Soros CIO stated that China is one of the countries that took the first step in this sense and will also use CBDCs globally:

“I think this situation will be a disadvantage for Bitcoin, but in the long run, the Chinese electronic payment system or CBDCs will not permanently damage Bitcoin, it will not destabilize it”

It is known that George Soros follows the Crypto world with interest. In recent weeks, George Soros’ Investment Fund has made a significant investment in Crypto Data Firm Lukka.

Soros Fund Management which was established by wealthy investor George Soros is supporting crypto data provider Lukka on a $ 53 million fundraising tour.

Lukka company, which provides cryptocurrency data, which received investment in the Series C fundraising tour, received a $ 53 million investment from the investment fund founded by George Soros in its D Series investment tour. Soros Fund Management, together with investment bank Morgan Stanley and Massachusetts-based life insurance company MassMutual, invested $ 200 million in New York Digital Investments Group (NYDIG), which provides Bitcoin trading and custody services.

Many startups and companies in the crypto industry, such as Blockchain.com, BlockFi, and NYDIG, have recently received significant funding support from very large investment funds and companies.

Robert Materazzi, who is the CEO of Lukka, stated that the financing tour will help the firm expand the capabilities of its existing products, including data and tax solutions, and that existing investors looking to enter the market are approaching the firm.

Famous Billionaires’ perspectives on Cryptocurrencies are different. While Bill Gates did not give much support to bitcoin and its derivatives, Tesla’s CEO Elon Musk clearly emphasized his support. Musk, who recently made a $1.5 billion Bitcoin purchase, once made the Twitter bios #Bitcoin.

SEE ALSO: ELON MUSK ON BITCOIN

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *