The company owned by George Soros, one of the most famous hedge fund managers in the world, has confirmed that it is trading in Bitcoin following speculation that began in July of this year.
At a Bloomberg event, Soros Fund Management’s CEO, Dawn Fitzpatrick, stated that they owned some coins but ‘not a lot’. She went on to say that “the coins themselves are less interesting than the use cases of DeFi and things like that”.
Fitzpatrick also shared her view that Bitcoin, the largest digital asset in the world by market capitalisation, is now more than an inflation hedge. ‘It’s crossed the chasm to mainstream’, she stated.
"“Like with Soros, we are likely to see more family offices investing in digital assets, confirming what I am hearing at family office summits like the one I have just attended in Dubai. Family offices represent global investments to the order of US$ 4.5 trillion and their interest in crypto assets can have a huge impact in the market”, commented Eduardo Carvalho, the CEO and founder of Dynasty Global Investments AG, who is currently in Dubai for meetings with investors and to assess potential asset acquisitions in the region."
Carvalho was one of the keynote speakers at the latest edition of Sir Anthony Ritossa’s family office summit, just held in Dubai. This follows his participation at the previous edition of the summit earlier this year in Monte Carlo.
The confirmation that George Soros’ fund is engaging with cryptocurrencies follows similar moves by mainstream financial organisations in the US and beyond. Earlier this week, Bank of America’s analysts decided to also cover digital assets as they concluded that the sector is ‘too large to ignore’.
According to specialist financial site Market Insider, earlier this week US Bank became the last one to announce cryptocurrency-related offerings. The move follows a decision in July by JPMorgan Chase to allow access to crypto funds by its wealth management clients. Citigroup announced in June it was considering trading Bitcoin futures after Goldman Sachs made a similar announcement a month earlier.