Soros Fund Management now trades bitcoins after years of deliberation

13:58, 02 July 2021
Soros Fund Management now trades bitcoins after years of deliberation Photo: McPHOTO/M. Gann/ Look Press

The investment fund of George Soros has started trading bitcoins actively, The Street reported, after the fund's chief investment officer Dawn Fitzpatrick approved the decision to get into the digital currency sphere.

There were rumors that Soros Fund Management has been looking for the bitcoin investment since 2018. It is unclear how Soros’ opinion on bitcoin has changed throughout the years, but in the same year, 2018, he has claimed that “bitcoin is not a currency”.

“Bitcoin is not a currency. A currency is supposed to be a stable store of value. And a currency that can fluctuate twenty-five percent in a day can’t be used, for instance, to pay wages because wages could drop twenty-five percent in a day. So, it’s a speculation based on a misunderstanding.”

The Soros Management Group was previously a hedge fund, but currently, it is restructured as a family office.

Amid Soros’ Fund Management is getting involved in cryptocurrency, there have also been several funds that had gotten into it. Billionaire Paul Tudor Jones predicts a positive trend of bitcoin growth, saying bitcoin will go “substantially higher” over the next 20 years. Brevan Howard, a major hedge 14$ billion fund company, moved into space in April as well as the founder of Point72 seeks to hire a head of cryptocurrencies, according to the Street.