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Billionaire George Soros has now decided to become involved with the crypto industry via both the acquisition of various blockchain-based firms as well as cryptocurrency-focused trading. Soros Fund Management shall be at the helm of this endeavor, which also serves as the main private investment institution for George.
The billionaire has reportedly been interested in crypto for some time now and has been observed trading in Bitcoin (BTC). This is all part of a much wider exploration of different digital assets, among which crypto is near the top of the list.
Greenlight granted
Soros Fund Management’s Chief Investment Officer, Dawn Fitzpatrick, was the one to grant the green light for crypto trading to begin within the past couple of weeks. As such, BTC trading along with various other altcoins has now commenced.
Furthermore, on the topic of cryptocurrencies being largely anonymous (especially in the case of Bitcoin), Dawn stated that despite the issue of anonymity, her team has been busy exploring all of the different possibilities, avenues, and consequences related to crypto for a long time now. She added that the involvement by Soros Fund Management is therefore not just a proverbial ‘dipping our toes in the pool’ situation and should thus be seen as a serious investment.
Private stake
Dawn is additionally having discussions pertaining to the acquisition of a private stake for various leading enterprises which are largely based on blockchain technology. As of this time, the names of the enterprises have not yet been made public.
Moreover, Soros Fund Management had actually been one of the key firms responsible for funding $200 million for NYDIG (New York Digital Investment Group). Other firms which contributed towards this fund also included Morgan Stanley, Stone Ridge Holdings Group, and MassMutual. Previously, Robert Gutmann (the CEO and co-founder of NYDIG) had stated that the investment round had indeed served as proof that Bitcoin’s adoption at an institutional level was increasing.
Right now, it is not exactly clear how Soros Fund Management plans to actually trade utilizing BTC. The aforementioned stake should not be seen as a bullish indicator due to Soros being notorious for shorting different assets in the past. Still, Dawn remains supportive of Bitcoin and believes that cryptocurrencies are at somewhat of an inflection point which could result in even more widespread adoption for the foreseeable future.
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