Soros Fund Management CIO Dawn Fitzpatrick sees unique opportunities in bitcoin, especially since this asset is no longer viewed as unnecessarily risky.
Fitzpatrick noted that Soros Fund Management has recently shown a noticeable interest in digital assets, especially bitcoin. This is due both to the global economic crisis amid the coronavirus pandemic and unprecedented support measures from governments, and to the maturation of Bitcoin itself, which is now considered on a par with other assets.
The CIO of Soros Fund Management emphasized that bitcoin is now in an important milestone – the asset is being accepted by institutional investors, as well as its popularity among retail traders is growing.
“We think that the entire cryptocurrency infrastructure is very interesting and we are already making some investments in this area. If we talk about cryptocurrencies in general, then now a very important point – bitcoin could remain a minor asset, but the money supply of the US dollar, which has increased by 25% in just a year, is pushing towards bitcoin, “Fitzpatrick said.
Over the past two months, Soros Fund Management has invested in two cryptocurrency projects, and they are related specifically to Bitcoin.
“There is a real fear of fiat currency devaluation. When we talk about bitcoin, I do not think of it as a currency – it is a commodity, but a commodity that is easy to store and even easier to move, ”concluded Fitzpatrick.
Earlier, the large investment bank Goldman Sachs provided its clients with indirect access to bitcoin through the purchase of bonds maturing in 2026.
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