CEO Confirms That George Soros Fund Owns Bitcoin
Hungarian-born American investor and philanthropist George Soros speaks on the sidelines of the annual meeting of the World Economic Forum (WEF), on January 24, 2019 in Davos, eastern Switzerland.
Fabrice Cofferini | AFP | Getty Images
Soros Fund Management, the asset management company founded by billionaire investor and philanthropist George Soros, has revealed that it owns the cryptocurrency Bitcoin.
Don Fitzpatrick, CEO and chief investment officer at Soros Fund Management, said the family office has “some currency…but not much.” in an interview at a Bloomberg event this week.
Soros Fund Management, notorious for making big profits from cryptocurrency investments, did not immediately respond to CNBC’s request for comment when asked how many bitcoins it owns and when it bought it.
“I’m not sure Bitcoin is seen as an inflation hedge here,” Fitzpatrick said. “I think it crossed the chasm into the mainstream.”
Fitzpatrick went on to explain how cryptocurrencies are now worth over $2 trillion in the market, with over 200 million users.
The price of Bitcoin, the world’s most popular cryptocurrency, jumped 10% from around $50,000 on Tuesday to Over $55,000 on Wednesday. It was trading at $54,726 at around 4 AM ET on Thursday.
A week ago, the price of a bitcoin was around $43,000, while at the beginning of the year one bitcoin could be bought for around $29,000.
Bitcoin’s recent rally comes despite the ongoing threat of regulatory crackdown from governments around the world and concerns about its massive environmental footprint.
US regulatory concerns eased this week after Treasury Secretary Janet Yellen and Securities and Exchange Commission Chairman Gary Gensler said they had no plans to impose restrictions on cryptocurrency trading.
“This latest rally contrasts with the stock market with assets such as stocks, bonds and gold that is experiencing a period of anxiety over rising inflation and slowing economic growth,” Freddy Evans, sales trader at UK-based digital asset broker GlobalBlock, said in a statement. Wednesday.
He added, “This recent advance in bitcoin may be a repeat of history after the Chinese ban on crypto activities.”
Bitcoin is not the only cryptocurrency that has surged this year. Elsewhere, the price of ether more than tripled from around $1,000 a coin at the start of the year, to more than $3,000 a coin on Thursday.
Most Professional Investors Think Bitcoin Is Just A Bubble, According To A Bank of America fund manager survey which was published in April.
About 74% of those who responded to the closely watched market metric said they see the leading cryptocurrency as a bubble. Only 16% said no to the question, indicating the high speculative ground on which they see bitcoin.