Skip to main content

George Soros’ investment fund is reportedly trading Bitcoin

In addition to trading crypto, Soros Fund Management is said to be in discussion to acquire blockchain-focused firms.

Soros Fund Management, the private investment firm of billionaire George Soros, is reportedly trading Bitcoin (BTC) as part of a broader exploration of digital assets, according to financial news website TheStreet. 

People familiar with the matter told author Michael Bodley that Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, gave the green light to trade Bitcoin and possibly other cryptocurrencies in the last few weeks. Speaking on condition of anonymity, the sources said Fitzpatrick and her team have been exploring cryptocurrencies for some time and that the latest venture is “more than just kicking the tires” on digital assets.

A spokesperson for Soros Fund Management was contacted by TheStreet but declined to comment.

Fitzpatrick is also reportedly in conversations about acquiring a private stake in leading blockchain-based enterprises, though the names of these companies weren’t provided. As Cointelegraph reported, Soros Fund Management was one of several firms behind the $200 million funding of New York Digital Investment Group, better known as NYDIG. MassMutual, Morgan Stanley and Stone Ridge Holdings Group also participated.

At the time, NYDIG co-founder and CEO Robert Gutmann said the investment round was evidence that institutional adoption of Bitcoin was on the rise.

TheStreet's report has already circulated on Twitter, with several prominent industry voices joining the discussion. 

Related: Financial advisers lead the institutional push toward crypto adoption

It’s not entirely clear how Soros Fund Management intends to trade Bitcoin, if at all. An investment stake in the digital asset shouldn’t necessarily be viewed as bullish given that Soros earned his reputation for shorting the British pound in 1992 and effectively ‘breaking the Bank of England.’

Nevertheless, Fitzpatrick has spoken favorably about Bitcoin in recent months. In March, she said cryptocurrencies like BTC are at an “inflection point” that could catalyze greater adoption in the future.

"We've been making some investment into that infrastructure and we think that is at an inflection point," she told Bloomberg in March.



from https://ift.tt/3AaH3RH
https://ift.tt/3hmXTUH
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

National Futures Association adds rules for members handling digital assets

The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added. The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018. The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval. The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it a...
Post a Comment
Read more