Being very old but billionaire, then of course you invest in the future called Bitcoin.
Soros Fund Management, founded by billionaire investor George Soros (91), has invested in the digital currency. The CEO of the wealth management company says Bitcoin is not just an inflation hedge: “I think it has crossed the gap to mainstream.”
Billionaire Buys Bitcoin
The wealth management company founded by billionaire investor George Soros has invested in Bitcoin, the fund’s CEO, Dawn Fitzpatrick, revealed in an interview with Bloomberg, published Tuesday. Fitzpatrick is both the CEO and Chief Investment Officer (CIO) of Soros Fund Management. She is the first person to hold both titles.
On inflation, she said, “If you looked at gold in September, it was down 5%, so I think the fear of the US dollar depreciation has subsided to some extent.” In addition, she noted, “The IMF just came up with some sort of reserve currency balances and the US dollar is no longer losing ground.” Nevertheless, Bitcoin (BTC) is trading above $50K. Commenting on the rapid rise in BTC’s price, Fitzpatrick opined:
I’m not sure if Bitcoin is just seen as an inflation hedge here. I think it has crossed the gap to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There are 200 million users around the world. So I think this has gone mainstream from our perspective.
So the billionaire buys Bitcoins. The fund owns Bitcoins, but not a lot. In March, Fitzpatrick said that central bank digital currencies (CBDCs) “pose a potential threat to Bitcoin and other cryptocurrencies.” However, she said the threat will be “temporary”, stressing, “I don’t think they will be successful in permanently destabilizing Bitcoin.”