George Soros’ fund owns Bitcoin, confirms the CEO
The Hungarian-born US investor and philanthropist George Soros will give a speech on the sidelines of the annual meeting of the World Economic Forum (WEF) on January 24, 2019 in Davos, Eastern Switzerland.
Fabrice Coffrini | AFP | Getty Images
Soros Fund Management, the wealth management company founded by billionaire philanthropist George Soros, has announced that it owns the cryptocurrency Bitcoin.
The family office owns “some coins … but not many,” said Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, in an interview at a Bloomberg event this week.
Soros Fund Management, known for making big profits from traditional currency investments, didn’t immediately respond to a CNBC request for comment when asked how many bitcoins it owns and when it bought them.
“I’m not sure if Bitcoin is just seen here as an inflation hedge,” said Fitzpatrick. “I think it has crossed the mainstream abyss.”
Fitzpatrick went on to explain that cryptocurrencies are now valued at more than $ 2 trillion with over 200 million users.
The price of Bitcoin, the world’s most popular cryptocurrency, rose 10% from around $ 50,000 on Tuesday to over $ 55,000 on Wednesday. It traded at $ 54,726 at around 4 a.m. ET on Thursday.
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Bitcoin was priced at around $ 43,000 a week ago, while Bitcoin was priced at around $ 29,000 earlier this year.
The recent Bitcoin rally comes despite the ongoing threat of regulatory crackdowns by governments around the world and concerns about its huge environmental footprint.
U.S. regulation fears eased this week after both Treasury Secretary Janet Yellen and SEC chairman Gary Gensler said they had no plans to restrict cryptocurrency trading.
“This recent rally contrasts the stock market with assets like stocks, bonds and gold, which are experiencing a period of fear of high inflation and slower economic growth,” Freddie Evans, a sales trader with UK digital asset broker GlobalBlock, said in a statement Wednesday.
“This latest Bitcoin push could be the repetition of history following the Chinese ban on crypto activities,” he added.
Bitcoin isn’t the only cryptocurrency that’s on the rise this year. Elsewhere, the price of ether more than tripled from around $ 1,000 per coin at the beginning of the year to more than $ 3,000 per coin on Thursday.
Most professional investors think of Bitcoin as just a bubble, according to a Bank of America Fund Manager survey published in April.
About 74% of those who responded to the closely watched market indicator said they see the leading cryptocurrency as a bubble. Only 16% said no to what indicates the highly speculative ground they see Bitcoin on.